I've created a bit of history, says outgoing boss of M6 Toll

Tom Fanning prepares to step down in May but he remains fiercely committed to the often-criticised toll road, saying it has been a success and offers good service and good value for money.

"I'm proud to have worked on a little bit of history, the first and maybe – probably– the only toll road in the UK. In 50 years time, when people look back, they can come and get me out of my wheelchair to talk about it.

"We haven't raised the prices since 2012 and we are getting up to 50,000 or 52,000 vehicles a day during the week. That is traffic that isn't clogging up the M6 between junctions 11 and 4. In terms of through-traffic, heading up towards Liverpool or down towards London, were are taking around 75 per cent at peak times.

"If the remaining 25 per cent don't want to pay the toll, that's fine. But what else can you buy for £5.50, a Big Mac and a cup of coffee?

"Without the toll road that would be traffic clogging up the A38, the A5, as well as the M6."

He has stressed that the decision to go has been his own. "I could have stayed on until 2016, but I felt this was the right time. We've been through a major financial restructuring in which we took £1 billion of debt out of the business, leaving it in very good shape. It was a classic piece of financial engineering. After that I feel the time is right now to get some new young blood in."

He had spoken to toll road's owners, the Australian global finance group Macquarie, about his decision during a business trip Down Under in January. They were supportive, he said.

A couple of weeks holiday afterwards cemented his decision: "I decided now was the time to enjoy myself, do some travelling. I have a beautiful home in Portugal and another one in Ireland I've just refurbished where I want to spend some time and smell the roses."

A chartered surveyor by trade, he came to the M6 Toll project after a highly successful 30 years in construction and property with Commercial Union, the Burton Group and London & Regional Properties.

While building and running the UK's first toll road might seem a huge challenge, it was matched by the job he did beforehand; developing the £120 million Odyssey entertainment complex in Belfast.

One of the first big projects to come out of the so-called 'peace dividend' after the Good Friday Agreement, Odyssey's standing as a landmark development was underlined when it was opened jointly by then Prime Minister Tony Blair and former US president Bill Clinton.

Tom faced the challenge of creating a sports and concert arena that would attract both sides of Belfast's divided community, and it's success marked 'a little bit of history in Northern Ireland', he proudly recalls.

But the achievement of creating the M6 Toll was even greater, he said.

There have been problems, however, and Midland Expressway has been constantly criticised for not achieving the originally envisaged traffic figures of up to 75,000 vehicles a day.

But Tom Fanning believes that is unfair; he and his team have been 'held hostage' by figures used in the original planning inquiry for the toll road a decade before he even joined the business.

"Those figures were given at the inquiry back in 1992. They projected we could take 72,000 vehicles a day, which was half what the M6 traffic was back then. Those were highly optimistic.

"In fact, it was a gross over-estimation of the number of vehicles that could be turned over. It was never going to happen."

He said: "I am very proud of what has been achieved under my leadership of the business. I leave it on a firm financial footing following the successful restructuring, with the support of our banks and with traffic numbers soaring. The business is in good shape with a great team of people in place."

He believes the M6 Toll has proved its worth as a 'by-pass' for the M6. Since opening to traffic on December 9, 2003, the toll road has been used by more than 170 million customers.

"We get a 96 per cent customer satisfaction rating, so we must be doing something right," said Mr Fanning.

Although he has lived in both Alrewas and Barton-under-Needwood during his time running the toll road, he and his wife now live back in Surrey and after his retirement in May plan to divide their time between there and their homes in the Algarve and in County Waterford in Southern Ireland.

He also plans to take some time off before considering some non-executive directorship roles.

More immediately, he and his three sons have all their tickets booked for Rugby Six Nations – born in Tipperary, he is a lifelong fan of the Irish rugby team and has high hopes his team will continue their run of good form and take the trophy later this month.