UPDATE 15:30Â – we have received information from the Llangollen Railway that they have already raised the funds required from the shareholders and will no longer need to enter into a voluntary arrangement.
The article was originally written based upon the letter below, which was shared on twitter, which stated that the company was having to enter into a company voluntary arrangement:
Interesting letter received from the @LlangollenRail #Llangollen #Railway in #Wales #Cymru @railadvent @RAIL @HeritageRailMag @chris_railway @MrTimDunn can we help the railway? pic.twitter.com/YbCpLrRhNb
— Michael Chapman (@mikenarrowgauge) February 26, 2020
The Llangollen Railway PLC has written to its shareholders to informing them that they have entered into a company voluntary arrangement with its creditors.
This is to allow the company to pay its creditors over time.
The companies assets are greater than their liabilities, but the assets are not liquid at the current time.
The PLC needs to raise £150,000 to continue trading, and they have written to shareholders asking for their help to raise funds.
The Llangollen Railway Trust is also attempting to raise funds to repay the debt that they owe to the PLC.
More information on becoming a Llangollen Railway shareholder can be found by clicking here.
To support the Llangollen Railway and to become a member, please click here.
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Responses
The only dychotomy arises from reading an advert that the Railway is looking for a full time employee. So on the one hand they admit to having serious financial problems yet money from somewhere is available to recruit a full time employee.
Hard to take these double standards seriously.
I am very glad something has been sorted out for this beautiful piece of railway heritage in Wales.
Having just heard of/read about on the Llangollen Railway’s Latest Urgent Appeal,
Being A Life-Long Enthusiast and Future Creative-Writer, I Like to Wish this Lovely Wonderful Welsh Heritage Railway Good Luck on this Fundraising Appeal, Hope it most definitely pays off that debt, Even in Anyways Possible.
Also Hope they’ll officially be running their trains even closer to Colorful Corwen in-between.
Furthermore, I still wishfully hope on visiting for a memorable train ride up and down the Lovely and Colourfully Intriguing Llangollen (& Corwen) Railway ‘in-person’ someday.
(I’d look forward to it).