Network Rail to sell off 18 major train stations including Waterloo, Reading and Leeds in bid to cut £50billion debt

Network Rail to sell off 18 major train stations including Waterloo, Reading and Leeds in bid to cut £50billion debt
http://dollars-vedioonline.blogspot.com/2016/02/network-rail-to-sell-off-18-major-train.html

Citigroup bankers brought in to identify ways to tackle crippling debt
Options discussed include offering station concessions to retail firms
Train use has reached a record high for the first time since the 1920s
Currently Network Rail runs 20,000 miles of track with 40,000 tunnels


Network Rail is set to sell off 18 major train stations including Waterloo, Reading and Leeds in an effort to cut its £50billion debt.
The organisation is looking at ways to tackle its crippling financial problems and bankers from Citigroup have been brought in to identify options for major stations.
These choices may also include offering concessions in stations to firms and retail organisations, reports the Independent.

Network Rail is set to sell off 18 major train stations including Waterloo, pictured, in an effort to tackle its debt
Network Rail came under government ownership in 2014 and ministers are eager to make serious changes to the way the organisation is run.
Experts believe that running big stations such as Birmingham New Street, Manchester Piccadilly and London Charring Cross is proving distracting for Network Rail at a time where rail use is at its highest since the 1920s.
Government bosses think that by taking the management, or at least a portion of it, away from the organisation a better customer service delivery could be achievable with a focus turned back to maintaining tracks and other issues.


Currently the firm runs 20,000 miles of track with 40,000 tunnels and bridges to focus on.
A station concession model has been used successfully at St Pancras station, which is managed by the High Speed One (HS1) link.
HS1 is run by a Canadian pension fund on a 30-year concession, who paid £2.1billion for a deal in 2010.
The modern and stylish station has an array of shops, cafes and restaurants busy with commuters often using the high-speed link to travel across Kent.
As well as a concession, the Government has also looked at ways of utlising obscure spaces owned by Network Rail in an effort to raise funds.

A station concession model has been used successfully at St Pancras station, which is managed by the High Speed One link. Pictured, commuters alight from a high-speed train at St Pancras
For example, spaces under railway bridge arches have been rented out to firms to be used as nightclubs and restaurants.
A Network Rail source told The Independent on Sunday that Citigroup had been asked to find the best options for the organisation's stations.
The source said: 'It could be just the retail; it could be a concession option like St Pancras. It could be some, could be all. It might be same answer for all or treating them individually.
'The point is there are lots of possibilities. Citi is testing the market so there will be lots of opinions out there and none of them right, as our board will make that decision some months down the line from now.'

Five thousand homes left without power and commuters hit by road and rail chaos as Storm Imogen batters the South with 100mph winds and torrential rain

Five thousand homes left without power and commuters hit by road and rail chaos as Storm Imogen batters the South with 100mph winds and torrential rain
Storm batters South with 96mph winds while 280 flood alerts and warnings in place for England and Wales
Rail services in Wales and southern England facing speed restrictions and Gatwick Airport warns of delays
Almost 5,000 homes in the South West, Midlands and Wales have been left without power due to high winds
Storm Imogen expected to track eastwards along south coast throughout today and also bring 1.5in of rain


Nearly 5,000 homes were left without power today as Storm Imogen lashed Britain with hurricane-force winds that reached almost 100mph.
The storm has battered the South and gave many commuters a horrendous journey to work as trains were disrupted and ferries cancelled.
There are more than 280 flood alerts and warnings in place for England and Wales with more than 1.5in of rain expected to fall today.
Rail services in Wales and southern England are facing speed restrictions and cancellations, and London Gatwick Airport warned of delays.
And the Severn Bridge was closed eastbound and restricted westbound while ferry services from ferry companies Brittany and P&O were cancelled.

Almost 5,000 homes in the South West, Midlands and Wales have been left without power due to high winds.
Engineers have been working through the night to restore affected services, Western Power Distribution said.
Speed restrictions at various times will be imposed on routes in the South until at least 5pm due to high winds, according to National Rail Enquiries.
Affected networks include Arriva Trains Wales, Great Western Railway, Southern, South West Trains, Gatwick Express, Southeastern and Thameslink.
A Network Rail spokesman said inspections were ongoing although no damage or blockages on the network had been found.


Storm Imogen is expected to track eastwards along the south coast throughout today and threaten ferry services from the Port of Dover.
Extreme weather conditions late on Sunday forced the port to close for around two hours into this morning, disrupting services.
The authority tweeted: ‘Port of Dover is monitoring weather situation. Safety is primary concern and we apologise for any inconvenience to travellers.’
Today, there is an amber ‘be prepared’ wind warning for South Wales and England’s south coast with large waves expected in coastal areas.
The Met Office originally warned of winds up to 80mph, but overnight gusts of 96mph at the Needles off the Isle of Wight were recorded.

Forecaster Emma Sillitoe said the winds would be some of the worst so far this winter, not far off gusts of 105mph recorded last month in Shetland.
She said: ‘We are looking to see gusts of 60-70mph quite widely, hitting the South West [and] moving across southern central parts towards London.
‘It is going to be picking up towards 70mph around lunchtime in London.
‘We have seen 96mph at the Needles off the Isle of Wight and gusts to 80mph are likely, especially along northern coasts of Devon and Cornwall.’
There is also a warning for 1.6in of rain over high ground in Western Scotland and Wales and the moors of South West England today.
And the Met Office warned there was potential for an inch of snow in northern Scotland overnight into today.
Highways England warned motorists in the South to check forecasts and road conditions before travelling due to strong winds forecast up to 6pm.
The A35 running along the south coast between Devon and Hampshire has been closed in both directions near Dorchester due to flooding.
And the agency has issued a severe weather alert for ‘high-sided vehicles, caravans and motorbikes, which are advised to take extra care’.
Traffic crossing between England and Wales is being diverted in both directions via the M4 following restrictions on the M48.

So far #StormImogen has brought a max gust of 96mph to Needles Old Battery. Warnings are still in force https://t.co/BEQkezhE3z
— Met Office (@metoffice) February 8, 2016
Spokesman Jon Allen urged drivers to ‘check their routes and change their journeys accordingly’ before setting off today.
Meanwhile those watching waves in coastal areas were warned to keep a safe distance, as 45ft swells in the Channel could create dramatic scenes.
MeteoGroup forecaster Mario Cuellar said: 'It is going to be very stormy on Monday with high winds and rain, especially in the south west and Wales.
'The storm will spread eastwards during the day and could bring disruption to travel, especially Channel ferries in the late afternoon.
'This stormy weather will clear later in the week but the forthcoming weekend also looks unsettled with a low weather front coming in over the north.'
Tomorrow and Wednesday should be drier, quieter and colder days for many before more wind and rain follows later in the week.
Storm Imogen follows Storm Henry, which ran close to the north of Scotland through Monday into Tuesday of last week.
On Saturday in Cornwall the heavy rain and high winds caused flooding problems, as five vehicles became stuck in flood waters.
Sporting fixtures were also postponed with Exeter v Oxford and Bristol Rovers v Wimbledon in League Two called off due to waterlogged pitches.