HS2

01.03.16

Citigroup to report back on NR station options by end of 2016 – Perry

Banking firm Citigroup is to report back to Network Rail by the end of the year on a range of “new models for management and ownership” of its 18 managed stations, according to rail minister Claire Perry MP.

As RTM reported last week, Network Rail has appointed Citigroup to consult on a range of potential options to help plug its debt, which is estimated to reach £50bn by the end of the decade.

One option is potentially selling off major stations, including London Waterloo, Manchester Piccadilly and Birmingham New Street, whose £600m regeneration project won the Outstanding Project (Large) Award at last month’s UK Rail Industry Awards.

Paula Sherriff, Labour MP for Dewsbury, asked on 23 February what estimate had been made of the stations’ value.

Perry said: “Network Rail is exploring new models for the management and ownership of its 18 managed stations with the goal of bringing improvements for both passengers and the communities they serve.

“No decisions have yet been taken and no estimate of the potential value of these stations has been made as part of this work. Citigroup were appointed following a competitive tender process, and the details of their fee are commercially confidential.”

She added that Citigroup will present their findings to the Network Rail board by the end of 2016. An interim version of the Shaw report, published last year, suggested a range of options for Network Rail, including full privatisation.

However, a short poll of RTM readers found that 47% wanted the stations to remain in Network Rail’s control.

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