In 1970, British Railways Board established a new subsidiary company to take over the design, manufacture and maintenance of its rolling stock. British Rail Engineering Limited (BREL) was born. The company drove a new era of rail technology and this new company history tells the dazzling story of BREL from its humble beginnings up until its sale in 1992 during the controversial privatisation of Britain’s railways. The company’s work in designing the iconic new trains that would take Britain’s railways into a new era is examined alongside its relationship with subcontractors and private manufacturers, as well as its tumultuous relationship with British Railways Board. BREL’s struggles to deal with the legacy of the outdated and obsolete stock and infrastructure it inherited are examined in the light of new research. BREL’s little known success as an international exporter of British designed and manufactured trains is explored fully. The company’s heyday as a leading-edge technology manufacturer and its relationship with British Railways Research Division left not only a history of iconic trains but a legacy which is still with us on today’s modern railway.