Ah, I was thinking it was the Shika Shima but it's actually the Spacia X Limited -
Enjoy a high-quality journey on the new Limited Express “SPACIA X” that connects Asakusa to Nikko/Kinugawa. The essence of Edo culture and elements of Nikko were incorporated throughout.
www.tobu.co.jp
It isn't as bad as I thought, but it is still expensive if you want to experience the luxury as it's all additional costs on top of the standard fares. It's not a particularly long journey either and there are plenty of other options.