Sir Richard Branson 'disappointed' over West Coast Mainline

Sir Richard Branson has said it is "disappointing" that Virgin Rail has lost the West Coast Mainline franchise to rival FirstGroup.

In an interview with Newsnight, he suggested FirstGroup, the UK's largest rail operator, had paid too much and said it was unlikely Virgin would bid for other rail franchises.

However FirstGroup chief executive Tim O'Toole said it was a good deal for the company and the public.