FIRST Hull Trains has revealed ambitious plans to spearhead a possible investment of up to £100m in the region's railways.
The proposals would see the company lead the charge to electrify 35 miles of track between Hull and Temple Hirst Junction, five miles to the west of Selby.
If suitable investors can be found, the proposals would secure the 90 direct services a week to London and improve reliability for the next two decades.
Hull Trains joint founder and director Mike Jones said: "Although these proposals are by no means set in tablets of stone, I believe they are achievable.
"All of the people and organisations we are talking to are positive, and with the right level of effort and support, I am hopeful we will have some positive news in the second quarter of next year.
"This is a fantastic project that will have a positive impact, not only on First Hull Trains but on rail services more widely across the region."
The company believes if given the go ahead, it would be in a position to also invest in a fully functioning train depot to carry out any repairs and servicing to its fleet – creating several new jobs in the area during construction and further full-time positions when operational.
Currently, the company uses a rail depot in London – Old Oak Common – to carry out major mechanical alterations and services to its fleet of trains.
According to Mr Jones, the company is in discussions with qualified engineering companies and there are a list of firms that have shown interest and believe the scheme could work.
Despite the more obvious benefit of the project – a more efficient service – Mr Jones said the real purpose is contributing to the economy in Hull.
He said: "The real purpose is contributing to economic stimulus to Hull and we have been thinking, what can we do to invest in Hull?"
Already the company's annual wage bill sees more than £4.5m being flooded into the local economy from its 100 staff, with almost double this amount spent elsewhere in the Hull area through the use of its local supply chain.
The plan, which, in principle, has the backing of First Hull Trains' parent company First Group and infrastructure owner Network Rail, comes as the open-access operator looks to extend its current operating license beyond 2016.
The current licence was granted from 2010 and lasts for six years. But already executives from the business, which has its headquarters in west Hull, are planning to have the contract extended.
Hull business leaders welcomed the news during a presentation that Mr Jones gave at Hull and Humber Chamber of Commerce yesterday.
The company will meet with the Chamber again early next year to discuss how, jointly, they can make this vision become a reality.
Mr Jones said: "We are currently evaluating options with stakeholders and the structure of the business plan. We are confident we will get a positive response. We know we have backers."
The proposed plans would be due to be completed by the end of 2016. Although estimates give the cost of electrification at £1.5m a mile, it is thought the money required would be much less as the track is relatively straight and doesn't pass through any major geographic hindrances.
