British Waterways (BW) has welcomed the government's recent decision to keep its canalside property portfolio in single public ownership.

The decision follows a study of BW's canalside property portfolio endowment in England and Wales by BW, Defra, Shareholder Executive and HM Treasury, which was part of the Operational Efficiency Programme asset management strand, which reported to ministers.

The study recommended that the property should be moved into a wholly-owned BW subsidiary to enhance the organisation's focus on optimising returns from its property, while also ensuring the management of the waterways.

BW chief executive Robin Evans said: "This is the right decision. It recognises the importance of BW's property portfolio endowment to the long term sustainability of the waterway network, as well as the public value we have unlocked from the estate.

"In the last decade, canalside property has produced the largest source of commercial funding for our historic canals, rivers and docks, it has fuelled their recent renaissance, reinforced their importance to modern Britain and helped to breathe new life into derelict waterways.

"This decision underlines the government's commitment to the long term future of the waterways."