Loan talks as drivers steer clear of M6 Toll

The owners of the M6 Toll road are looking to renegotiate loans totalling more than £1 billion as motorists continue to steer clear of the loss-making motorway.

The road's owner Macquarie Atlas Roads is in talks with a consortium of banks about renewing its £1bn-plus borrowing requirement. It comes at a time when the company's assets are valued at £1.2bn and its debts are £2.1bn.

The 27-mile road, which cost £900 million to build, opened 10 years ago and runs from Cannock to Coleshill.

It was built to handle up to 100,000 cars and lorries a day but the latest figures show that in the first three months of the year it was used by 34,360 vehicles a day. It now costs £5.50 for a car and £11 for a lorry.

There have been calls for the road to be nationalised.

Geoff Inskip, chief executive of West Midlands transport authority Centro, said taking the road into public ownership would mean tolls could be reduced to a level that eased the burden on publicly-owned motorways, saving the taxpayer money.

Tom Fanning, chief executive of the M6 Toll, said: "Macquarie Atlas Roads has been in negotiation with lenders since mid 2012 and expects to agree a refinancing ahead of the debt maturity date in 2015.

"The M6 Toll is currently meeting all of its obligations as and when they fall due. There are no plans to sell the asset nor is there a requirement to place the company into administration.

"The M6 Toll is a longterm business with 40 years remaining in its concession and it is expected to be successful over its project life."

And he ruled out the prospect of letting car drivers use the road for free despite setting up a trial scheme in July for lorries to do so.

Peter Roberts of the Alliance of British Drivers said: "Drivers will continue to avoid this road while the tolls remain. Motoring related taxes contribute some £50 billion to the Treasury every year and this road should be free to use."