Great Western Trains was formed as part of the privatisation of British Rail. As with all of the original franchises, Great Western was formed as a division of British Rail prior to the franchise being let. The sector consisted of the express services out of London Paddington to the West of England (Bristol, Exeter, Penzance) and South Wales (Cardiff). Instead of being franchised to an existing private company, the franchise was awarded to Great Western Holdings (51 per cent management buyout, 24.5 per cent Badgerline and 24.5 per cent 3i). It was one of the first two to be privatised after South West Trains). The company was named Great Western Trains Ltd. The name was derived from that of the earlier Great Western Railway, which served a similar, but larger, area. FirstGroup, the success