"Enodreven at Yahoo" <[EMAIL PROTECTED]> wrote: >I don't know quiet what the turnover of say the Caravan Club is but I would >think in organisational terms what with all of its sites and associated sites >it would be something near the size of a privatised BW, and it deals with a >membership base in the millions so perhaps it can be managed even with >differences of opinions
However, AIUI it does not have capital assets worth about £1 billion, or a statutory duty to maintain (some of) them. >On the part regarding a property portfolio I should think the land and >properties that are encompassed by BW now would be far in excess of the 1.5 >billion you mention so these could be used or sold off to pay for the >improvements, some of the selling could be linked into large development >schemes which would provide millions The property portfolio is not spending money, it is investment money (i.e. it generates spending money). The principle for managing such a portfolio is to maintain its real value (or even to increase it) year by year, and to spend only any surplus remaining after that. Otherwise, you end up "living off the capital", until eventually you have no capital left to generate any income at all. BW does participate in large development schemes (e.g. London Paddington Basin), putting in land at the site as its contribution to the project in exchange for a share in the profits. This has indeed provided £millions on occasion (not always, though). It is currently involved in a very large scheme like this, at Wood Wharf in the London West India Docks. Adrian Adrian Stott 07956-299966
