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Post by kris on Dec 18, 2018 14:00:55 GMT
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Post by Deleted on Dec 18, 2018 14:14:39 GMT
Management buyout backed by Lloyd's bank. www.ldc.co.uk/news/2018/12/ldc-invests-in-british-waterways-marinas I wonder how they are going to feel when they realise moorings in BWML marinas are transferable and customers are taking money off them. Perhaps having a look at the auction system CRT operate might be interesting in more popular and oversubscribed marinas. Edited for accuracy
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Post by bluesman on Dec 18, 2018 22:47:12 GMT
I understood that one of the rules made when CRT as a charitable trust took over from BW is that they are not permitted to sell any part of the waterways.
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Post by kris on Dec 19, 2018 17:18:19 GMT
I understood that one of the rules made when CRT as a charitable trust took over from BW is that they are not permitted to sell any part of the waterways. If only this were true. They are not supposed to sell the "track" as it where. But anything else they can sell. The marinas have been on the cards for selling since they where made it BWML. The problem is the lack of oversight to what they are actually doing, which is privatising a public asset by stealth.
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Post by Deleted on Dec 19, 2018 18:28:55 GMT
it'll be interesting to see what happens when they try the same thing with the "waterside moorings" department which runs "on line" linear moorings. If that was sold off it would be very concerning because it is most definitely part of the "track".
Sometimes I really fancy getting off the ditches and getting a proper boat.
Sadly I have become accustomed to living on the cut and rather like it.
A bit like 'enry 'iggins in My Fair Lady became accustomed to Eliza Doolittle's face.
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Post by Deleted on Jan 13, 2019 9:40:31 GMT
“will be investing the proceeds into other income-generating assets to support our core work of caring for the nation’s canals and rivers”
So not actually on the network but more than likely some other property they can rent out?
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Post by kris on Jan 13, 2019 9:48:37 GMT
“will be investing the proceeds into other income-generating assets to support our core work of caring for the nation’s canals and rivers” So not actually on the network but more than likely some other property they can rent out? It seems stupid, they've sold the marinas for 29million. They have been receiving between 4 and 5 million a year in profits from them, so they've sold them for roughly six years income. It seems barmy, the income from the marinas was galenteed. So they give up a secure income for some risky investment,just doesn't make sense to me.
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Post by Deleted on Jan 13, 2019 10:05:39 GMT
“will be investing the proceeds into other income-generating assets to support our core work of caring for the nation’s canals and rivers” So not actually on the network but more than likely some other property they can rent out? It seems stupid, they've sold the marinas for 29million. They have been receiving between 4 and 5 million a year in profits from them, so they've sold them for roughly six years income. It seems barmy, the income from the marinas was galenteed. So they give up a secure income for some risky investment,just doesn't make sense to me. Was the 4 or 5 million profit? If so that is quite a good return on assets worth 29 million. As you say it doesn't seem to make sense.
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Post by kris on Jan 13, 2019 10:15:38 GMT
It seems stupid, they've sold the marinas for 29million. They have been receiving between 4 and 5 million a year in profits from them, so they've sold them for roughly six years income. It seems barmy, the income from the marinas was galenteed. So they give up a secure income for some risky investment,just doesn't make sense to me. Was the 4 or 5 million profit? If so that is quite a good return on assets worth 29 million. As you say it doesn't seem to make sense. I believe so, but I can't find the exact figures at the moment so it's from memory. Because it was hived off into a separate company, cart had no direct costs to its budget for the running of them either. I'm not a financial expert but it does seem a stupid move on carts part, unless there's an alterior motive. I think they would love to privatise the waterside moorings operation as well, so the could be a precursor to that.
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Post by Deleted on Jan 13, 2019 10:18:39 GMT
Highly probable. Creeping privatisation. It was bound to happen To be fair I don't think the marinas have actually been "sold" as in land ownership I suspect it is more like a franchise arrangement. Eta I guess some will have been sold but from what I can gather the land on which Limehouse marina is situated, which is probably the BWML "flagship" marina, is not something CRT would be allowed to sell as they don't own it. That's what I was told and it makes sense. Otherwise what would stop the place being filled in for housing ?
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Post by naughtyfox on Jan 13, 2019 10:18:42 GMT
“will be investing the proceeds into other income-generating assets to support our core work of caring for the nation’s canals and rivers” So not actually on the network but more than likely some other property they can rent out? It seems stupid, they've sold the marinas for 29million. They have been receiving between 4 and 5 million a year in profits from them, so they've sold them for roughly six years income. It seems barmy, the income from the marinas was galenteed. So they give up a secure income for some risky investment,just doesn't make sense to me. Feathering one's nest for when it comes time to jump ship makes perfect sense to me. Here are the two gentlemen who will be improving the lot* of those who have their boats in their marinas. (*hiking the rents I bet) www.insidermedia.com/insider/southeast/new-appointments-at-ldc-in-reading
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Post by naughtyfox on Jan 13, 2019 10:34:01 GMT
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Post by kris on Jan 13, 2019 10:42:47 GMT
Highly probable. Creeping privatisation. It was bound to happen To be fair I don't think the marinas have actually been "sold" as in land ownership I suspect it is more like a franchise arrangement. Eta I guess some will have been sold but from what I can gather the land on which Limehouse marina is situated, which is probably the BWML "flagship" marina, is not something CRT would be allowed to sell as they don't own it. That's what I was told and it makes sense. Otherwise what would stop the place being filled in for housing ? I don't think your right about the land not being sold. I can't see Limehouse being filled in and built over, but some of the others that don't make a profit from the moorings? One things for sure loyds haven't spent the money for the benefit of the boaters.
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Post by kris on Jan 13, 2019 10:44:16 GMT
Yes this is what most investment companies do.
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