A ceremony was held at Ryde St Johns Road depot on the Isle of Wight on 23 March to officially ‘hand over’ the six two-car Class 483 units from HSBC Rail to Stagecoach South West Trains Ltd, who operate the Island Line as part of their 10-year franchise to operate South West Trains.

HSBC Rail sold the rolling stock for a nominal sum of £1 with a one pound coin being past between SWT Managing Director Director Stewart Palmer and the head of HSBC Rail Peter Aldridge . The 12 vehicles will now be owned and operated by SWT, rather than the previous lease arrangement. HBCS Rail will still offer technical advice to SWT if needed.

The new rolling stock deal brings the operation of the Island rail system more in line with operation Community Rail  operation and Stewart Palmer said: “We are pleased to announce the change in ownership and  a repaint for these trains. The Island Line is a vital form of transport both for local people and the booming tourist industry – and today marks another step in the direction of community rail partnership.”

The Class 483 rolling stock, which originally entered service with London Underground from 1938, comprises six 2-car electric units which run 68 services a day between Ryde Pier and Shanklin with each unit capable of covering up to 70,000 miles a year. At present sets Nos. 006, 008 and 009 are operational, with set 004 presently being made ready for re-painting. The first set is due to emerge in Island maroon and cream (like the original LUL maroon/red) in mid May, with all sets returned to service repainted by the year end.

The repainted heritage trains will be joined by the restoration of some stations on the line which will also be painted in heritage colours.

Peter Aldridge – Head of HSBC Rail said: “The new arrangement means the train company can adopt a more flexible, targeted approach to the local needs of the community, working alongside the Isle of Wight Community Rail Partnership, promoting increased usage by tourists and local people.  HSBC Rail  has worked closely with the Island Line for the past 10 years to make modifications and repairs so that these units can continue to serve the Isle of Wight for many years to come and as part of the handover of these trains we have given a refund of rental towards the relivery and corrosion protection of the vehicles.”

Jack Richards of the Isle of Wight Community Rail Partnership (CRP) said they regard the formal hand-over of the train fleet by HSBC Rail as a welcome and logical development in the move towards increased ‘local ownership’ of Island Line. He said: “We are also pleased at the news that the stock is to receive a repaint - particularly as heritage colour will help to retain the line’s distinctive individuality and make the most of the fact that our trains are by some distance the most historically interesting on the national rail network.