A public transport cooperative run by its users and employees 1
Mission Statement To reduce the social and environmental impacts of travel by providing mutually owned, high quality, inclusive public transport services that encourage people to choose more sustainable options 2
RAIL: The territory Highly regulated and complex Dominated by large owning groups and state owned rail operators Lack of accountability to users Fiscal constraints on Government spending Strong and suppressed demand growth 3
RAIL: The process GO-OP is applying for a Track Access Contract and becoming a Licensed Train Operating Company Detailed evaluation of capacity and demand by external Consultants completed Existing methodologies mitigate against new routes Must not ‘cherry-pick’ prime routes from Franchises Must pass ORR ‘not primarily abstractive test’ Process ongoing – seeking a negotiated Contract with Network Rail under Section 22 of the Act Ultimately ORR will determine the application 4
RAIL: Route 1 a Westbury – Swindon – Oxford - Birmingham • This route stood out because it: served poorly served but populous locations addressed known lack of connectivity met a number of known capacity gaps Demand seemed strong in 2011 – in 2017, better yet. 5
Trains To begin with, we will lease older, loco hauled sets – either HSTs or carriages pulled by a Class 67. Once we have better trading history we would ideally commission new 100 mph 17 x hybrid DMUs 5 sets to operate three diagrams, 2 cars per set 6
RAIL: Service Regular interval – trains every 2 hours initially Additional services in the morning and evening peaks Limited on-train catering – aiming to provide a quality affordable service at selected times rather than a poor offering all day Multi-skilled and empowered staff Reliability important so robust contingencies in place 7
RAIL: Route 1 Direct service from Swindon to Oxford and Birmingham will be popular with commuters. Melksham is a town of 22, 000 and growing – we would operate virtually all its departures. We may expand our service to Yeovil in the future, but we have so far been unable to prove sufficient demand. A new station at Wantage and Grove is a long term aspiration. 8
Route 1 a: Financial Summary Break-even forecast in FY 2 ROCE to be in range 30 -80% pa Capital requirements set out by ORR mean that we must be able to prove we can finance early losses Initial returns based on Route 1 a only, scope for increased return when multiple routes are operational and greater economies of scale are achieved 9
Melksham shuttle from Dec 2016; Full service begins May 2017 Track access contract; deposit on DMUs
Route 1 a: next steps Agree Contract with NR (autumn 2015) Secure capital funding with an issue of commmunity shares Secure trains with a deposit Between ordering and receiving trains, we will enter the service delivery phase which will include: Recruitment of senior staff, train crew and support staff Set up and implement internal and industry integrated systems Set up Admin HQ and other facilities Commission Trains and ‘shadow’ running Commence initial Service Operation 13
Light Rail and Bus Feeders Investigating ultra light rail routes in Devon, Wiltshire and Oxfordshire Bus feeder Routes planned to interconnect with Rail Route 1 a 14
Ticket booking Coachfairer now fully operational Our partners are Atomised – a Scottish workers co-op 15
Why a co-operative? GO-OP Constitution based on International Co-operative Principles Co-ops successful in other capital intensive and highly regulated sectors – e. g. telephony and wind farms GO-OP is the first co-operative to apply for Open Access and to become a Train Operating Company 16
A multi-stakeholder co-operative • Membership: customers, employees and investors • Two types of shares: • Open membership share offer for Users (customers and employees), minimum investment £ 50 • Time bound offers for Non-users (investors), minimum investment £ 500 • Investors 25% votes - higher return on investment • Customers - 50% votes - limited return on investment • Employees 25% votes – limited return on investment 17
The GO-OP board Jean Nunn Price MBE – Midcounties Co-operative Alex Lawrie (CEO) – Ecological Land Co-op and Somerset Co-op CLT Sandra Aldworth (CFO) – Brendon Energy Andy Spring - former Network Rail manager Chris Phillimore – rail engineer Barbara Ranford – Midcounties Co-operative Kate Whittle (Secretary) 18
Financial Returns Shareholders can earn EIS (up to statutory limits) worth 30% over three years On top of that, interest on share capital is intended to be 6% pa 19
Social Returns Users Control the Company at a Corporate level Members elect Directors and can stand for election themselves GO-OP encourages staff to use public transport Reduction in carbon emissions from transport Supporting community development along our routes Requirement for social audit written into GO-OP Constitution 20
Medium & Long-Term aspirations Additional Routes Add-ons to existing Route 1 New unconnected routes Additional Bus Feeder Routes Additional Light rail / feeder schemes 21
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