from
The MirrorA really important story (
IMHO▸ ) from a surprising source
While train passengers have been hit with hikes to ticket prices, it’s been revealed that one of Britain’s big train owners has paid a £150 million dividend, while boss's pay packet reached £1.4 million
Accounts for Porterbrook Leasing showed boss Mary Grant's pay packet jumped by £200,000 to just under £1.4million
One of Britain’s big train owners has paid a £150 million dividend - while millions of passengers are forced to swallow fare hikes.
Porterbrook is among a small group of firms that rake in money from leasing carriages to train operating companies.
and
Accounts show Porterbrook Leasing handed its parent company £150million for last year, on top of £285million the prior year.
This company - Porterbrook Holdings - then in turn dished out another £80million to its shareholders, which include a Canadian investment fund, German insurance giant Allianz and French energy heavyweight EDF.
But while they enjoyed another round of bumper payouts, passengers had to endure higher ticket prices, cancellations and delays.
The accounts for Porterbrook Leasing also showed the pay packet to its boss - believed to be chief executive Mary Grant - jumped by £200,000 to just under £1.4million last year.
Ms Grant, 54, is a farmer’s daughter from Biggar in the Scottish borders who started her career as a trainee wiping tables at Welcome Break’s South Mimms services.
While Labour has vowed to renationalise most of the rail network, it is leaving rolling stock companies - also known as RoSCos - in private hands because of the huge potential cost to the taxpayer in taking them back under public ownership. Aslef, the train drivers’ trade union, said: ‘These new figures are shocking, but not surprising.
“The privatisation of the RoSCos, the rolling stock companies, by John Major in 1994 was the most egregious example of all the Tories’ privatisations.
“The new Labour government is doing a great job bringing the passenger companies back into public ownership.
Now, though, the government must turn its attention to the freight companies, and the RoSCos, which are turning the taxpayer over big time. We have to get their snouts out of the public trough.”
The £150million dividend was more than Porterbrook Leasing generated in profit last year - which slumped from £282.7million to £144.2million. The accounts flagged higher costs of maintenance and greater depreciation. Revenues fell from £382.8million to £372.4million.
No surprises there in the story itself. A very interesting discussion on this very topic during a private networking session on Friday, and why the story has been kept rather quiet.
