If you register, you can do a lot more. And become an active part of our growing community. You'll have access to hidden forums, and enjoy the ability of replying and starting conversations.

Rescue plan saves steam railway

Discussion in 'On Track.' started by LSWR, Jan 31, 2006.

  1. LSWR

    LSWR Part of the furniture

    Joined:
    Sep 6, 2005
    Messages:
    4,406
    Likes Received:
    0
    Occupation:
    Avionics Technician
    Location:
    Frimley & Southampton
    The Weardale Railway opened in July 2004
    A cash-starved steam railway which went into administration with debts of about £1m has been saved after a deal was struck with creditors.
    Weardale Railway went into voluntary administration in January 2005, after just a few months in operation.

    Administrators PricewaterhouseCoopers said creditors had agreed to take 25p for every £1 they were owed.

    London-based community transport group ECT is to take over the railway's operations in due course.

    It is expected the railway will begin services again later this year.

    The £5m project opened in July 2004, running trains on a five-mile stretch of restored track.

    But the number of passengers fell about 12,000 short of what was expected by the end of its first year.

    SOURCE BBC NEWS
     
    LSWR, Jan 31, 2006
    #1

Share This Page