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M6 Toll motorway put up for sale M6 Toll motorway put up for sale
(about 2 hours later)
The M6 Toll road has been put for sale for nearly £2bn, the BBC understands.The M6 Toll road has been put for sale for nearly £2bn, the BBC understands.
The 27-mile route between Cannock and Coleshill in the West Midlands opened in 2003 and cost £900m to build.The 27-mile route between Cannock and Coleshill in the West Midlands opened in 2003 and cost £900m to build.
A debt-restructuring process led to a consortium of 27 banks effectively taking ownership of the loss-making road from Midlands Expressway Ltd and they are selling their equity stake.A debt-restructuring process led to a consortium of 27 banks effectively taking ownership of the loss-making road from Midlands Expressway Ltd and they are selling their equity stake.
Despite the toll road losing money each year, it is thought the banks want to recover about £1.9bn from the sale.Despite the toll road losing money each year, it is thought the banks want to recover about £1.9bn from the sale.
Haulier Mark Matthias, from TJR Express, said: "I use a lot of French tolls and I've never understood the 'one cost' here. It should be charged per mile.Haulier Mark Matthias, from TJR Express, said: "I use a lot of French tolls and I've never understood the 'one cost' here. It should be charged per mile.
"In the evenings, Spanish tolls let all trucks go for €1. It (M6 Toll) would make more money if they reduced the price. There aren't enough concessions for truckers.""In the evenings, Spanish tolls let all trucks go for €1. It (M6 Toll) would make more money if they reduced the price. There aren't enough concessions for truckers."
'Reduce congestion''Reduce congestion'
The National Alliance Against Tolls (NAAT) believes the government should buy the motorway and remove the charge.The National Alliance Against Tolls (NAAT) believes the government should buy the motorway and remove the charge.
John McGoldrick, from NAAT, said: "Removing the toll charge would make a tremendous difference to the West Midlands and wider region in reducing congestion."John McGoldrick, from NAAT, said: "Removing the toll charge would make a tremendous difference to the West Midlands and wider region in reducing congestion."
In a statement, the Road Haulage Association said: "We hope whatever the result, the future of the 8-lane motorway is one that will benefit all road users both in terms of cost-effectiveness and easing congestion." Councillor Darren Cooper, a West Midlands Combined Authority representative, believes the charge should be removed and is proposing to seek government support to buy the motorway stretch.
Latest figures show 52,735 vehicles used the road per week day between October and December last year, compared with 45,890 in 2014.Latest figures show 52,735 vehicles used the road per week day between October and December last year, compared with 45,890 in 2014.
Car drivers are charged £5.50 to use the road during the week and HGVs £11.Car drivers are charged £5.50 to use the road during the week and HGVs £11.
Analysis: BBC Midlands Today Transport Correspondent Peter PlisnerAnalysis: BBC Midlands Today Transport Correspondent Peter Plisner
The 27 different banks that now effectively own the road have decided to sell their equity stake, which we're told is worth about £2bn. The reason they're selling now is quite interesting. They seem to think now that the asset value is at its highest.
The reason they're selling now is quite interesting. And the number of people using the road is at an all-time high and that brings in revenue. The interest payments on the debts are lower than they've ever been and that will affect this road's profitability.
They seem to think now that the asset value is at its highest.
And the other interesting fact is that the number of people using the road is at an all-time high and that brings in revenue. The interest payments on the debts are lower than they've ever been and that will affect this road's profitability.
It's always lost money - £25m on average each year. But we're going to see a difference when we see the next accounts because of all these changes. And that leads the 27 banks to decide to sell now.It's always lost money - £25m on average each year. But we're going to see a difference when we see the next accounts because of all these changes. And that leads the 27 banks to decide to sell now.