On 26 June 2003 Connex were informed by the Strategic Rail Authority that after seven years of poor performance their rail franchise was being terminated. Connex were given a choice of immediate termination or 6 months notice and chose the latter although they later agreed an early transfer with South Eastern Trains taking over on 9 November 2003 (SRA, 2003). South Eastern Trains is a newly formed subsidiary of the SRA. Between 1996/97 and 2002/03 Connex received £779m in public subsidies (www.csenews.net).