Roger Millin wrote:
>> If you're never going to sell it why the interest in whether it is
>> managed on that basis? Adrian are you around to clarify?
>
> I read that particular statement as saying that you keep a close eye
> on property values and wheel and deal with your portfolio, just as
> you would if they were shares or building society accounts, to
> ensure that the capital value increases or is maintained while
> getting the income from it. That, surely, is prudent financial
> management and if it means selling one bit to fund buying an even
> better bit (or a bit with more future potential) then so be it, IMO.
I guess that's where I part views from many on this list. I do think BW
should retain the parts of its property portfolio that define the
waterside environment, but for heritage not commercial reasons. By that
I mean the physical infrastructure of the canal, plus related (listed)
buildings, ancient monuments etc. They would still be free to derive
income from those buildings but the focus should be on heritage.
It may well be very old fashioned to say it but I do believe that BW is
a national asset and belongs in the public sector. It is not a viable
business in a commercial sense simply because it has insufficient
sources of income. Most of its customers (walkers etc.) don't pay to use
it and there is no easy way to get them to pay except through general
taxation. I have no enthusiasm for the contrived business models I've
heard to privatise BW here and elsewhere in recent weeks.
** Retreats and prepares to be shot down by assorted capitalists **
Steve
NB Bream
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