h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

When the assets (property in town & city centres) are worth more than the business itself, there is a free market pressure to sell off the assets for profit rather than to maintain the business - or to change the business - diversifying into the letting market.

To be fair though, BT's cabling alone is worth more than the business.

>> BT's cabling alone is worth more than the business <<

Don't they "let" out their cables?

Sort of yes. The local loop unbundling meant that they had to allow other phone companies to use their infrastructure so as to allow fair competition.

Personally, the way I see it, BT invested in all that equipment over all those years, so it's their business asset. If another phone company wanted to do the same, they should go ahead and do it, like the cable companies used to. With the local loop unbundling, all you're really getting are companies reselling BT's service.