The company says this will enable investment in the canal and make it self-sufficient in terms of income, expenditure and profit. Other associated waterways revenue will be included in the Bridgewater Canal accounts during restructuring and Peel will also invest in future development.

We understand that this could include the construction of up to five new marinas by the company.

The relationship with the Bridgewater Trust will not be affected, but the move will require approval from the Department of Transport because the statutory powers and obligations, as they affect the Bridgewater, will have to be transferred from the Manchester Ship Canal Company to Peel Land & Property.