Virgin wasn’t making enough money so they decided they didn’t want to play any more:

http://www.bbc.co.uk/news/business-44142258

Labour comment was priceless:

“Good to see Grayling implementing first stage of Labour’s Manifesto promise to renationalise the railways. I think I’m right in saying that he’s now nationalised more railways than any Labour minister in 6 decades. Come on Chris, East Coast line today, the whole system tomorrow.”