THE former boss of the company which runs Great Western Railway is set to get a £700,000 golden handshake after resigning this week, it has been reported.

Tim O'Toole, who was chief executive of FirstGroup, announced he was stepping down on Thursday after the company lost £327 million in the past year.

The company made a £152 profit in the previous year but has reportedly been hit by a number of loss-making franchises, including the Greyhound bus service it runs in the US.

FirstGroup's new interim boss Wolfhart Hauser has now told the Telegraph that Mr O'Toole could get up to £699,167 in an exit payment after his eight years of service to the company.

GWR operates trains in and out of London across the South West, including Oxford, Didcot Parkway and Banbury, and stations in between.