Llangollen Railway

See http://www.lnersvrcoachfund.org.uk//wpimages/teak_set/ts_643ib.jpg

Patrick

 

Looking at the site again this morning, I don't recall seeing it before, but it looks like the buyer premium incurs its own VAT before the final total VAT is added, or at least that's what the wording implies?
Would make a £5000 purchase come out at £7152 (i.e. nearly adding 50%) - might chase off a few private owners.

 

Discussed upthread - see previous page

Patrick

 

The Trust have reported that the Spa Valley Railway have put in an offer directly to the Administrators. This is for the MkI RMB and is said to be in excess of £30,000 but less than £35,000. They are urging anyone interested in making a counter offer in order to keep the buffet car at Llangollen to put it in pronto.

 

Is it an open auction, or sealed bids? If the latter, disclosing a bid in that way would seem somewhat not quite the done thing.

Tom

 

https://www.lsh.co.uk/assetadvisory/online-auctions/llangollen-railway-plc-auction says

Patrick

 

I’m surprised that the HRA hasn’t tried to discourage other heritage lines from bidding. I think it is slightly distasteful others taking advantage of the Llangollen’s current difficulties. There but fit the grace of God as they say.

 

But other HRA members are creditors and in theory stand to benefit from this sale.

 

Fair enough - surprised they have disclosed the identity of the bidder though.

Aren't the best interests of the LR served by obtaining the maximum value for the assets? That might not come from the Trust. If you prevent others bidding and thereby depress the values obtained, you just end up with more of the asset base needing to be sold.

Tom

 

I don't think that the assets sold will cover the costs of the amount they owe, unless they go for a really high amount.

However from the point of view of the lms patriot project, and I'm sure many others who are out of pocket from the engineering, the more that they sell for the more likely we are to see some of the missing £100,000 owed, that we will have to go out and fund raise for to get it done properly.

 

The plc owes more than the value of its assets, by some margin. The benefactors will be the creditors, who, in this case, include a number of railways/loco owning groups. But no one will be being paid off in fill, unless some really high bids are received. I don't think that will happen.

 

The only thing that would achieve is the coaches being sold for lower values, and ending up with private owners as holiday homes or at scrap merchants.

Much better for them to go for further use with other heritage lines or mainline operators.

Clearly and understandably the RMB is one the Trust would like to keep though.

 

I know enough to know that there are rules about abuses such as collusive behaviour, but someone other than me would have to advise what they are.

Patrick

 

It will be an online auction, but the RMB is now said to have been withdrawn from the lots to be sold. It is the Administrators’ duty to obtain the best prices possible. They must have decided that the offer was in excess of what might be obtained on the day of the auction. Informing the Trust of the offer, albeit not the exact amount, does seem unorthodox but presumably within the rules that the Administrators adhere to.

 

On a 9-mile line the buffet car is of questionable value imho. They would be better served keeping one or two more TSOs and running a trolley-based catering service. This is particularly true of an RMB that has next to nothing by way of kitchen facilities.

 

Disclosing a bidder’s identity is surely against some kind of rule/law?

 

It wasn't used on service trains, only on real ale trains and other special events.

Bob.

 

Would I be right in thinking that should 1864 be taken away, the Llangollen would be without a buffet car? As the Thompson buffet is moving to Embassy.

 

@Thompson1706 is probably the perfect person to explain all this with his direct involvement in LR’s previous boards and 1706!

 

A good point, and arguably even more questionable value to a 5 mile line like the Spa Valley.

Can’t say I’ve ever seen a buffet trolley on a preserved line. Are there any railways which do this?