This from Ithuriel...
Speaking to analysts following the award of the Intercity West Coast franchise, first Group CEO Tim O'Toole said
"The opportunity is ripe because the capacity (on Intercity West Coast) has not been exploited with only a 35% seat occupancy rate and particularly low marketing spend in recent years. That fact, by the way, is understandable since the incumbent has been in revenue support - a condition that discourages any investment to stimulate growth since every pound must generate a return of at least five times."
Mr O'Toole knows whereof he speaks. First Great Western has been in revenue support since April 2008 and First Capital Connect since April 2009.