North Yorkshire Moors Railway General Discussion

A loose crosshead cotter and a steam leak according to a post elsewhere. Can’t vouch for whether it is correct or not.

 

Unusually I agree with you! I'm sure there's a lot of support for the idea that heritage railway companies should be run as what you call hybrid businesses but perhaps the better comparison might be the members' preservation societies that many had as their origins. I've suggested many time in the past that limited companies and incorporated charities are far from ideal vehicles for heritage railways. There is no such thing as a hybrid option. If their directors and trustees ran them the way you suggest they could be personally liable or face other sanctions such as disqualification. Incidentally the PLC is barred from paying a dividend to its shareholders. They were never possible as the prospectuses issued to purchasers made very clear.
That's why I advocate conversion to a Community Benefit Society which can be run in the interests of its member community including paying interest on their investments. That model offers the opportunity of your wish to see a member centric "hybrid" and mine to see effective corporate governance with financial sustainability. Potentially "Happy Days!"

 

What do you reckon would be the cost in conversion to a Community Benefit Society ? How difficult would it be in practice ?

 

So if you believe that conversion to a CBS is the best option, and bearing in mind that until very recently you were on the board with a position of great influence, why has the process of conversion not been started?

 

Having been closely involved in the process at the SVR I know success requires a board level champion. Obviously despite my conviction that it’s the right thing to do I’m no longer in a position to take on that role. 60044 is right to query the cost. If external lawyers were used extensively it would probably be around £50k. Against that the short term financial benefit should be many times that. However relying on volunteers with relevant experience to do much of the work would keep costs down.