At privatisation in September 1996 a franchise to operate its trains until 31 March 2004 was granted to the Go-Ahead group. The Strategic Rail Authority have indicated that a two-year franchise from 1 April 2004 will be granted to First Group, who also have the First Great Western franchise which runs long-distance services from Paddington station. SRA policy is now to have one company running train services into one terminus.
Thames Trains operated the train which was the proximate cause of the Ladbroke Grove rail disaster in 1999.