 Network Rail's logo Network Rail is a British "not for dividend" Company Limited by Guarantee that owns the British railway system with the exception of rolling stock: i.e. Network Rail owns the railway tracks themselves, signals, tunnels, bridges, level crossings and stations. It took over ownership by buying Railtrack plc, which was in "Railway Administration", for £500 million from Railtrack Group plc.
In October 2003, Network Rail announced that it would take over all track maintenance work from private contractors, following concerns about the quality of work carried out by certain private firms, and spiralling costs. While the company maintained that this was not a step towards renationalisation of the entire network, many commentators saw the move as a sign that the privatisation of the railways was unraveling.
This impression was heightened in February 2004 by the opening of an operations centre at Waterloo station in London, operated jointly by Network Rail and the train operating company South West Trains. This is the first full collaboration of its kind since privatisation, and it is currently regarded as a model for other areas of the network.
Track renewals, the on-going modernisation of the railway network by replacing track and signalling systems, continues to be carried out by private engineering firms under contract. The biggest renewals project is the multi-billion pounds upgrade of the London to Glasgow West Coast Mainline.
Network Rail owns all UK railway stations. Management of these is carried out by the train operating companies except for seventeen of the largest and busiest which Network Rail manages itself. They are:
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