East Coast: 'Surprise' at return to public controlpublished at 12:59 British Summer Time 16 May 2018
In the past few minutes, it's been announced that the East Coast rail franchise is being taken back into public control.
Stagecoach and Virgin Trains were awarded an eight-year contract in 2014 to run the London to Edinburgh line - but they've been losing millions of pounds.
In a stock market statement, Stagecoach chief executive Martin Griffiths, said: "We are surprised and disappointed that the Department for Transport has chosen not to proceed with our proposals."
"Today's decision should not detract from the hard work and dedication of our people at Virgin Trains East Coast"
Transport Secretary Chris Grayling is expected to make a statement to parliament shortly.