In 1921 the British government forced the amalgamation of all railways into four companies of which the Great Western Railway was one; nationalisation followed in 1948, and a complex restructuring, described as privatisation, was effected in 1995. At the time of writing, GWR is operated under an 800-page franchise agreement between the British government and FirstGroup, which is principally a bus company. The trains are owned by specialist rolling stock leasing companies Angel Trains and Porterbrook. The track is owned and maintained by Network Rail, a state-owned company formed after the failure of Railtrack, a company that had been listed on the London Stock Exchange. If the GWR franchise is not renewedâ and it wonât be, since the government has announced yet another reorganisation of the structure of Britainâs railways â then the agreement provides for most of the few rail assets that First-Group does own to be transferred to a new operator. Who are Angel Trains and Porterbrook? The two largest shareholders of Angel Trains are Allianz, the German insurance company, and AIMCo, each with 30 per cent of the stock of the company. AIMCo was established in 2008 by the government of the Canadian province of Alberta. It manages funds on behalf of various provincial pension funds and invests the reserves of that oil-rich province. Fifty-five per cent of the stock of Porterbrook is held by AMP, an Australian financial services business (formerly Australian Mutual Provident) now mainly engaged in the management of âsuper fundsâ (Australian for individual and collective pension funds).