Embsay and Bolton Abbey Railway Updates

I had no idea the turnover was that great - that's "premier league" territory in turnover, for a line which - with all due respect - I suspect most enthusiasts don't immediately think of when asked the question "what do you think are the most notable heritage railways".

Checking, I think the trading company is the "Yorkshire Dales Railway Museum Trust (Holdings) Ltd". Checking their accounts for 2025 (and making no judgement on whether or not they are profitable, just on gross income, it appears it was £4.236m, of which £3.674m was "Train services" and £421k "Other trading activities", plus some trifling other income to make up the balance.

To put that in context, a non-selective list of other railways that I suspect many might find notable. Again no attempt to justify whether these are profitable or not, just the headline turnover figures; and also allowing that company structures are different so there will be differences between what is and isn't in scope of these headline numbers, particularly in terms of some having legacies in scope and others not. But they give a quasi-ranking of scale.

Gross turnover (2024)

NYMR - £7.610m
Severn Valley - £6.826m
Bluebell - £4.777m
Embsay - £4.236m
West Somerset - £3.946m
Mid Hants - £3.626m
GCR - £3.508m
Isle of Wight - £3.260m
Talyllyn - £2.508m

That's by no means an exhaustive list, and I am sure someone with more time could do a better job of a deep dive specifically into trading income rather than gross to give a better measure of the sale of "railway operations" - but it is an eye-opener to me nonetheless; I had no idea the E&BASR was such a big player in financial terms.

Are there any other "sleepers" out there - railways that are under the enthusiast radar, but surprisingly big in trading activities?

Tom

 

The £5m I quoted was from a conversation at the HRA meeting and was along the lines of hope to achieve this year. I've subsequently delved into Companies House and see it was short of this last year but still impressive with a staff of 32 and wages costs of £708,548. Compare that with the NYMR's staffing and costs.

 

I'd rate headlining a dog ticket in advertising as something a little stronger then "misleading".

Noel

 

Thanks for posting those interesting figures. I was gob-smacked to learn that the E&BA is among the major heritage railways in financial terms. A short line in rural Yorkshire? They must be doing something right, even if not to the liking of all enthusiasts!

The Swanage appears to be comparable with the Mid-Hants and IoW at around £3M. I think the Paignton & Dartmouth would also be a high earner, but haven't checked - the train income might be wrapped up with river cruise income.

The other "biggie" must be the Ffestiniog & Welsh Highland. It took me a while to find the right entry on the Companies House web-site. Although the railway now generally uses Welsh spelling, its operating company is still registered under the English spelling - Festiniog Railway Company. Anyway, its overall turnover at £7.3M appears second only to the NYMR. Train tickets are only about two-thirds of its turnover, with hefty catering sales and various other things contributing. I have attached an extract from the most recent available FR accounts (2024), which readers can compare with the position for other railways.

 

The Churnet Valley Railway's gross turnover for 2024 was £3.434 million. I suspect that on the strength of the remarkable passenger figures for their Polar Express operation last Christmas, their 2025 turnover figure will increase.

 

Thanks! I’d guessed the FR would be up there but couldn’t find it on Companies House!

Tom

 

Wow. I'm another one who didn't have any idea they were generating that much income. Almost exactly the same as the Worth Valley Railway (£4.238m last reported assuming I've found the right link - KEIGHLEY & WORTH VALLEY RAILWAY PRESERVATION SOCIETY LIMITED - 1136853). Both very similar length railways but completely different operations and yet landing in near enough the same place in income. I'd argue one is likely a lot more sustainable in the current guise than the other, but as said before, the Embsay team have and are putting the roots in to be able to adapt if they need to IMO.

 

Important to note regarding Embsay’s finances is that they are not cash rich.
Historically money has been tight, and they've had an ongoing overdraft with the bank, loans from members etc. In the last few years, the board have done a brilliant job at increasing revenues, with record revenues reported most months in the last couple of years - mainly thanks to the Polar Express services, but also the change in business model to focus on dining experiences etc.

These record revenues have allowed them to pay off their bank loans, repay much of their members' loans for the fitment of solar panels on the shed at Embsay and the purchase of the Class 20 (and I think recently the Class 37 which has been resident for a number of years), invest in infrastructure for the Polar Express (including a large marquee at Bolton Abbey and purchase of the 5 ex-RES PCV/parcel vans from Hellified)), get closer to completing Bolton Abbey Platform 2/3 + the footbridge for it, and undertake a whole load more much-needed investment in track, S&T and things like replacing fencing, windows, panelling on Bolton Abbey station - all basically maintenence that was badly needed to make the site look cared for and welcoming.

On top of this, in previous years they've also had to hire in 2 or 3 steam locomotives each year (currently Hunslet 2890 'Douglas', P3 2392 and the Jinty from the ELR) as the resident 'Home' fleet of Beatrice and Illingworth (both privately owned but based on the railway) aren't quite powerful enough to regularly work the peak summer trains. Beatrice can do it if really required, but I understand that it's strongly preferred that she doesn't do it without diesel assistance as a fully-loaded 6-coach train is slightly above her preferred workload - or so I was told a couple of years ago.
They've also hired in a Class 03 for the past few years - first 03144 from the North Tyneside Railway, then a BR green one from WCR but I'm unsure if that is still there. Add to that massive increases in fuel and electricity costs and means that although income is well up, it wouldn't take a huge amount of disruption to put them in an unsteady position again.

The restoration of Wheldale, the Austerity tank, has been entirely self-funded I believe so isn't draining the main bank account, but should save them money on hiring a loco in future.

Having been a member for the past few years, the general direction the railway is going in in terms of development is largely positive, but I am concerned by a handful of small things - the over-reliance on the coach tour market, including at Enthusiast-focussed events, and they've recently started using AI slop for their marketing too which is hugely disappointing.