After being awarded the Anglia franchise in 1996,[3][4][5][6] GB Railways was listed on the Alternative Investment Market in January 1997.

[7] In October 1997 as part of the Great Southern Railway Consortium with Legal & General, Macquarie Bank, RailAmerica, G13 Pty Ltd[8] and Serco, it acquired the interstate passenger services of Australian National Railways, which were operated as Great Southern Rail.

[9] In 1998 GB Railways, as part of the Inter Capital Express consortium, was shortlisted for a high-speed rail service from Sydney to Canberra.

[14] In November 2000 GB Railways acquired an interest in the Estonian passenger rail operator Edelaraudtee through Estonian subsidiary GB Railways Eesti AS, for 10million Kroon ($540,000), with investment and stock increase deals over five years as part of the agreement.

[15][16] GB Railways owned 20% of the shares, with the majority owners being Edelaraudtee chairman Henn Ruubel and lawyer Marcel Vichmann.