The Wales and Borders franchise is a combination of parts of the Central and Wales and West franchises and the entire Valley Lines franchise.

Wales and Borders Trains

2001–2003

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Arriva Trains Wales (Trenau Arriva Cymru)

2003–2018

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In 2003, the franchise was re-awarded to Arriva Trains Wales.

Transport for Wales (Trafnidiaeth Cymru)

In 2018, the franchise was awarded to Keolis Amey Operations. The trading name and branding of the operator is shared with the Welsh transport authority. Operations commenced 14 October 2018.

2018–present

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Central
Valley Lines
Wales and West
Wales and Borders
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