Rail chiefs set for £30m profit after selling firm

Rail chiefs are to pocket £30 million by selling a firm they bought for ?5 million.

Union leaders condemned the sale of Freightliner as "daylight robbery". Company chiefs received £75 million of taxpayers' cash to help make Freightliner a success.

Now confidential documents reveal they will sell the company to investors for £96 million this week.

Freightliner specialises in the movement of maritime containers and bulk rail freight. It made a £4.8 million profit last year.

Managers own a 30 per cent stake worth ?28.8 million. Chief executive Alan Galley and finance boss Doug Downie, both part of the original buyout team, will pocket almost £5 million each.

David Rutherford, who led the buyout when the company was owned by British Rail, stands to receive £3 million despite leaving the firm four years ago.

Bob Crow, leader of the RMT union, said: "This is daylight robbery." Labour MP John McDonnell condemned the sale saying: "The public are sickened by the obscene profits made out of rail privatisation."