Virgin is one step closer to launching cross-Channel rail services after Britain’s rail regulator approved its application to share Eurostar’s depot. 

The multinational confirmed in March it was interested in launching Virgin Trains as a rival service to Eurostar by 2030. The Office of Rail and Road said Thursday that Virgin will be allowed to use the Temple Mills Depot in east London, a requirement for a train operator running cross-Channel services.  

The depot is the only maintenance and storage facility that is accessible from the high-speed railway linking London to the Channel Tunnel, and is able to house the larger trains used for continental travel. The ORR decision thus makes Virgin’s ambition more attainable — though the company still needs to secure a “commercial agreement” with Eurostar to use the facility, the office warned. 

Virgin founder and billionaire magnate Richard Branson hailed the ruling as a victory for consumers. “It’s time to end this 30-year monopoly and bring some Virgin magic to the cross-Channel route,” he said in a statement.  

The ORR concurred, saying in a statement that the decision “unlocks plans for around £700mn of investment in new services and the creation of 400 new jobs, in a win for passengers, customer choice, and economic growth.” 

The ORR added it had rejected similar applications from train operators Evolyn, Gemini and Trenitalia, with Virgin making the strongest case. “Virgin Trains’ plans were more financially and operationally robust than those of other applicants, and it provided clear evidence of investor backing,” the regulator said.  

Eurostar has held a monopoly on cross-Channel travel since the tunnel opened in 1994. The operator wants to expand its fleet, announcing this month it had signed a €2 billion deal for at least 30 more double-decker trains. 

However, the ORR said earlier this year that the Temple Mills Depot has room for either more Eurostar trains or another operator — but not both, teeing up a possible fight between the rivals. 

A spokesperson for Eurostar said it was assessing the regulator’s decision and “considering our next steps to ensure we can continue to grow,” according to the BBC. Eurostar did not immediately respond to POLITICO’s request for comment.