The main course of the other Welsh windbag's attack was that Southern Cross had erred in selling and leasing back many of its care homes. The businessman gave sensible replies to the effect that it wasn't in their businesses interest as a service provider to have its resources tied up in assets, to have large corporate debt facilities that would have to be refinanced en bloc when the operating margins of the business (93% occupancy good, 85% occupancy bad) meant that they needed to have flexibility in their asset base.
All of this was of course lost on the Cambrian fool who continued to spout his Socialist mantra and suing from the union hymn sheet, but it will come as no surprise that later in the day, the BBC announced that they very property from which the Today programme is broadcast is being put up for sale on a sale and partial leaseback running for the next 4 years giving the BBC operations the flexibility in relocation.
The BBC currently owns 585,000sq metres of property in Britain across 483 locations and wants to cut its property holdings by 30 per cent. Richard Deverell, W12 programme director, said: 'Television Centre has played an extraordinary and central role in the history of the BBC, which will not be forgotten. Our primary aim of the sale is to maximise the value to the BBC and licence fee-payer whilst ensuring the teams and operations based there are successfully relocated.'
Spot the difference.