London - The British Department of Transport yesterday announced that the Ford UK chairman, Mr Ian McAllister, would head the private but non-profitmaking company bidding to take over from Railtrack which is currently in administration.
The setting up of a company limited by guarantee which will have no shareholders and which could replace Railtrack was first announced by the Transport Secretary, Mr Stephen Byers, when he took steps to put cash-strapped Railtrack into administration at the beginning of October.
A Downing Street spokesman said Mr Blair was standing by Mr Byers and his adviser, Ms Jo Moore, despite calls for her sacking.
Angry shareholders, meanwhile, attended a forum in London last night to demand their money back.