The firm had said last year that it was battling for survival, after demand for its services plummeted due to the pandemic and the subsequent travel restrictions.

But the new funding will help it survive in the medium term, according to the firm.

Where is the money coming from?

According to a statement issued by Eurostar, the £250m mainly consists of additional equity and loans from a syndicate of banks which has been guaranteed by Eurostar’s shareholders. These include SNCF, the French state railway group and Eurostar’s majority shareholder, as well as SNCB, the Belgian state train operator.

Pointedly, none of the rescue package has come from the UK. The UK government sold its stake in Eurostar back in 2015, and it has resisted calls from the business to provide further support beyond general measures like the furlough scheme.

Jacques Damas, chief executive of Eurostar, said that everyone at the firm was “encouraged” by the strong show of support from shareholders and banks which meant it could continue to operate.

He added: “The refinancing agreement is the key factor enabling us to increase our services as the situation with the pandemic starts to improve.”

Increasing services

The number of journeys covered by Eurostar has crashed dramatically because of Covid-19. Since the start of 2021 it has been operating just one daily train between London and Paris in each direction, and one between London and Amsterdam via Brussels.

These are set to increase in the coming weeks, with a second service on the London-Paris route added each day from 27 May, and then a third from the end of June.

Demand for such journeys will depend largely on the UK’s traffic light system for travel. At present France is on the ‘amber’ list, meaning that if you travel there you will then  be required to quarantine for 10 days upon your return.