The debt (bonds) we have is £177million at 5.142% fixed until 2029,
plus £50 million at 3m libor+0.22 till 2013 and then rising to 3m libor+0.55.

This debt has a charge over our gate receipts. It is not low interest and it is impossible to pay it off early without incurring hefty early exit penalties. Best we can do is acccumulate cash in a deposit account, net these totals argue that our 'net debt' has been reduced. However if you think about it, that bank account isnt going to earn anything like the interest we are obliged to pay out above.