The company when first privatised was known as North Western Trains and was owned by Great Western Holdings, a partnership between Great Western's management, First Group and 3i. North Western Trains took over from the British Rail sector North West Regional Railways, which was known for a short time as Network North West. Eventually First acquired the remaining shares and renamed the company. Their headquarters were in Whitworth St, Manchester. Its train depot was at Newton Heath, between the Caldervale Line and the Oldham Loop Line.