The problem - which I forseen a few years ago - is that Cargo-D quite simply have too much stock on their hands.
I predicted that when the spot hire business dried up (First Great Western, Hull Trains, Scotrail etc) they would hit trouble, all that stock lying about, plus with so many air-con stock it needs extra care when not running, as well as charges at Barrow Hill / Crewe.
Plus, because of air-con stock they are unattractive for enthusiasts railtours, something I also predicted would come back to haunt them.
They don't have the same high utilisation and thus turnover as the likes of Riviera and West Coast do, and also because them companies have their own yards so no layover costs.
I'm not sure what happens when somebody starts up a railway company, but would I be correct in saying that a huge amount of loans went into the extensive refurbishments of the stock? If so, I'm not sure the current level of activity would even recover the costs of the investment.