The days when heritage trains will run over the nine miles of preserved railway between Loughborough and Ruddington and secure its future has moved a step closer when a change to the Articles of Association of the Great Central Railway (Nottingham) Ltd was unanimously approved by shareholders at their Annual General Meeting on 21st January.
The approval opens a new relationship between the East Midlands Railway Trust and Great Central Railway (Nottingham) by removing a clause in the articles that prevented any one party from owning more than 10% of the shares issued in Great Central Railway (Nottingham). The LNER (GC) Heritage Trust, the volunteers’ membership organisation that aims to take a more active role will support the two boards.
East Midlands Railway Trust, the charity that owns the railway’s freehold, can now convert its longstanding loan to Great Central Railway (Nottingham) Ltd into share capital to acquire a majority interest in the company. The change will inject working capital into Great Central Railway (Nottingham) and remove uncertainty caused by the loan. Individuals are also purchasing new shares in the company.
The change comes after a million-pound project to replace a major bridge on the line, which renewed the incentive to connect with and restart trains along the eight-mile-long Great Central Railway from Loughborough to Leicester.
The boards of East Midlands Railway Trust and Great Central Railway (Nottingham) are united in this aim, but their initial focus will be in running trains along the 2½ line between their base at the Nottingham Transport Heritage Centre and Rushcliffe Halt station.
Dr David Rae, Chairman of East Midlands Railway Trust, commented: “The Boards of both companies have been working towards this agreement for the past year and we are very relieved to have the support needed from shareholders to conclude it. It means that GCRN Ltd can now work with the backing of EMRT to reopen the railway whilst the Trust safeguards the railway line, track, and infrastructure.”
George Green, director of GCR(N) who chaired the AGM said, “By working together we can get trains running and secure a long-term future for the line, which requires significant investment. I’d like to thank all the shareholders of GCR(N) for supporting the board’s proposals and setting us off in a new direction.”
Andy Fillingham, new Chairman of the LNER (GC) Trust and GCRN Ltd Director, commented, “We look forward to working with East Midland Railway Trust and Great Central Railway Nottingham, to drive forward fundraising and recruitment of volunteers both of which are essential for a long term future.”
Responses
could there be more mainline heritage railways in the uk
It could be argued that there are too many heritage railways given the parlous state of the economy.
But which ones should go?
I think that even if some were to close, it wouldn’t necessarily strengthen the remaining ones. Rail enthusiasts are not the main income stream and so the general population are unlikely to travel great distances to visit a heritage railway, just because the one/s within easy travel distance has gone.