The news cooled speculation that GNER could be sold to raise cash.

GNER is facing difficulties over a franchise agreement that will see it pay the Department for Transport as much as £1.3 billion over ten years.

The train operator has underperformed financial projections in its franchise plan because fewer passengers are travelling than was estimated in its bid.

Passenger revenues for the 14 months to June 30 were up just 3.3 per cent, compared with the 9.9 per cent growth needed to meet projections in the franchise agreement.

Sea Containers has pledged to cut costs on GNER, which is regarded as one of Britain’s highest quality train operators.It is expected to hold talks with the Department for Transport about the terms of its contract, but it is unclear whether there is much scope for renegotiation.

This has triggered speculation that Sea Containers could eventually give up the franchise for its only UK rail service, which runs long-distance trains on the London-Edinburgh East Coast main line.

Sea Containers blamed GNER’s problems on last year’s London bombings, increases in electricity prices and lower than expected payments from Network Rail.

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