The Highwayman did actually have a meaning.
I am lead to believe it dates back to a story of robberies in the Lobley Hill area in the late 1800. The people who committed these robberies were known as Highwaymen.
Hence why on one of the old Highwayman timetables, it says "At £2.20, it's a steal"
RE: Go North East: Latest News & Discussion - January 2016