Stagecoach reported losses on the line and in November past year Mr Grayling announced that the franchise would be terminated in 2020 to enable it to become a public-private railway.
But Stagecoach reported losses on the line and in November previous year Mr Grayling announced that the franchise would be terminated in 2020 to enable it to become a public-private railway.
Transport Secretary Chris Grayling said the East Coast franchise "is not a failing railway" and Stagecoach and Virgin got their sums wrong.
"The route has its challenges, but it is not a failing railway". No disruption is expected to services in the transfer, and you will still receive a high-quality service from Staff.
The decision to end the £3.3 billion contract this year has been described as a "bailout" by Labour and trade unions.
The loss-making service is being renamed London and North Eastern Railway (LNER).
Trains will be run by the Department for Transport through an operator of last resort.
I will terminate Virgin Trains East Coast's contract on June 24 2018.
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Britain will replace Stagecoach's East Coast rail franchise with a public-private partnership that will connect London with Edinburgh, transport minister Chris Grayling said on Wednesday, after he announced a renationalisation of the route.
At the time, Virgin Group owner Sir Richard Branson said the partnership's bid for the franchise was "based on a number of key assumptions and a promise of a huge upgrade of the infrastructure by Network Rail", which faced delays.
In a stock market statement, Stagecoach chief executive Martin Griffiths, said: "We are surprised and disappointed that the Department for Transport has chosen not to proceed with our proposals".
He added: "However, we respect the Government's decision".
Stagecoach pledged to "work constructively with the DfT and the OLR in the weeks ahead to ensure a professional transfer to the new arrangements".
Virgin Trains East Coast- a joint venture between Stagecoach and Virgin- had won the right to operate the franchise between London and Edinburgh for eight years in 2014.
East of England MEP Alex Mayer said "Let's hope this time the East Coast mainline is back in public hands for good".
"While reliability must continue to improve, and promised and new investments made, passengers will continue to judge services by the performance on the day of the train company and Network Rail, value for money, cleanliness of the train and crowding levels".