Severn Valley share scheme hits £1m
Staff and volunteers at Severn Valley Railway are celebrating after the attraction's share issue scheme hit the £1 million mark in less than three months.
Bosses today said that the cash was vital to helping the attraction fund restoration and maintenance work on the heritage railway.
A £3 million share offer was launched by bosses in October to raise cash for the railway, which follows the River Severn from Kidderminster to Bridgnorth, attracting more than 200,000 visitors every year.
New shareholders have joined the scheme, raising around £400,000 of the million pound total since the launch. Severn Valley Railway's general manager, Nick Ralls, said: "We're thrilled to have reached this milestone in such a short space of time.
"What is particularly encouraging is that new shareholders have bought £400,000 worth of shares.
"It's great to have more people on board as we build for the future and we are equally grateful to our existing shareholders for their continued support."
Bosses have already started planning for projects including the Heritage Engineering and Building Training Academy using the cash. Apprentices from the academy will be involved in the restoration of the railway's flagship locomotive 4930 Hagley Hall. The engine will celebrate its 40th anniversary at the Severn Valley Railway on January 6 and has not been operational for more than 23 years.
Mr Ralls added: "The £1 million will be put to good use.
"But there are many more valuable projects we can undertake with additional funds, such as the innovative SteamWorks project at Bridgnorth station and the restoration of the Great Western Railway 'chocolate and cream' carriages to run with Hagley Hall, providing a truly authentic experience for our passengers." The Kidderminster Rail Academy, based in Comberton Hill, has taken on 27 apprentices and plans to recruit a further five within the next six months.
The 17 to 24 year-olds will learn the key skills needed for a career in railway engineering and also maintenance.
The minimum investment in offer shares is £100, followed by multiples of £25. In total bosses want to put the £3 million into a wider £10 million investment plan including the redevelopment of Bridgnorth Station.
