This limited secondary market, the rail operators argue, means that they cannot justify spending large sums on rolling stock unless they are sure of keeping their franchises long enough to recover their investments.
At the right price a rail franchise should be a good source of cash: since operators own neither track nor rolling stock, they require little capital investment.
Sir Moir wearily insists that many of the problems stem from under-investment by Network Rail, which owns the tracks, and points to his own firm's investment in new rolling stock.