Fantastic share response means railway work can begin

Railway expansion in the Moorlands is to forge ahead after the Churnet Valley Railway raised half its £450,000 share issue target in little more than a month. As share buyers rushed to take advantage of early benefits, total sales passed £260,000 by early May, taking the plan for the UK's biggest heritage railway a major step closer to reality. At the same time it has become one of the most successful railway share issues the UK.
"We have had a fantastic response to the share appeal and as a result both our main projects will now be able to move forward," said CVR Chairman Tony Hancock.

The Churnet Valley's purchase of shares in Moorland & City Railways (MCR) is going ahead, Mr Hancock said, and on the strength of this support MCR have obtained quotes for some of the specialist work needed to re-open the line between Leekbrook and Stoke. Work on restoring the first section is expected to start soon with the aim of running special trains over at least part of the line by the end of 2011.

"The share funding has also given us confidence to move forward with our plans for a new catering outlet and toilets at Cheddleton Station. Detailed drawings and quotes are now being obtained with a view to work starting before the winter," Mr Hancock continued. "The strength of our local support is reflected in the majority of purchases coming from North Staffordshire, although we do have new shareholders from right across the country and as far away as Canada and the Cayman Islands." Attractive travel discounts and the chance of newly-increased tax relief of 30% on investments above £500 tempted many buyers to take out major holdings - no less than 40 people have each purchased £2,500 worth of shares.
Those considering taking advantage of the share issue are advised that the sale period is limited. With around £200,000 still to raise, sales will continue over the summer up to the final deadline at the end of September.

Benefits are offered to shareholders who purchase quantities at various levels between £250 and £5,000, ranging from tickets on the first train to Stoke to lifetime travel passes on the railway. Shares cost £1each and are available in any amount from £100 upwards. To obtain a copy of the share prospectus and application form, contact the Railway on 01538 758490, email shares@churnet-valley-railway.co.uk

David Cliffe

Share launch offers chance to turn railway dreams into reality

Local people have the chance to buy a stake in the next stage of a railway revolution in the Moorlands. Ambitious plans to turn Churnet Valley Railway into the country's largest heritage line - as well as building a new station in Leek and running passenger services to Alton Towers - are at the heart of a £400,000 share issue to be launched on March 30. Half of the new funds will be used to secure a stake in Moorland & City Railways (MCR), which controls the 20-mile track from Stoke Station to Cauldon. The remainder will pay for new catering and community facilities at Cheddleton Station.

"This is a tremendous opportunity which will propel the Churnet Valley into the leading group of heritage railways in the country," said CVR chairman Anthony Hancock. "The share issue will allow us to cement our relationship with Moorland & City Railways and give us the longest network of heritage lines in the UK. We will also be part of exciting plans to reconnect Leek to the national network, to move quarry freight off the roads and to take thousands of visitors direct to Alton Towers. "Improving facilities at Cheddleton Station is equally important to us. We plan a new building that will be the catering hub for the railway and also a facility for use for education purposes and by the local community." Now attracting 75,000 passengers a year, the railway has raised £465,000 in three previous share issues, allowing it first to buy the line through the Churnet Valley and then build stations at Consall and Froghall.

Moorlands & City Railways was founded by two current CVR directors, David Kemp and Gregory Wilson, and has worked in close in co-operation with the heritage railway. Last November saw the first stage of its project with the successful opening of the line from Leekbrook to Cauldon. "There is huge interest in our plans to revive the railway network into the Moorlands and this share issue is the chance for the public to play a real part in making it happen" said David Kemp. "It's not simply about railway enthusiasts - all parts of the community believe there's a future for our local lines, so we are sure the share issue will be great success.

"Having re-opened the line to Cauldon we now intend to restore the rest of our main line from Leekbrook to Stoke. This represents an outstanding opportunity to develop a sustainable system for freight and passenger traffic, as well as expanding heritage services."
Supporters have the chance to become the first to sign up for shares at a special launch event being held at Kingsley & Froghall Station from 10am on Wednesday March 30. Share prospectus will be available for the first time and anyone signing up to purchase on the day will be invited to join one of two special trains on the 27-mile scenic round trip between Froghall to Cauldon.

Shares costing £1each will be available in any amount from £100 upwards. Added benefits are being offered to shareholders who purchase quantities at various levels between £125 and £5,000, ranging from tickets on the first train to Stoke to lifetime passes on the railway as well as substantial discounts for special events. Anyone buying shares before May 3 will qualify for an enhanced package of benefits. hareholders may also qualify for tax relief on investments over £500 under the Enterprise Investment Scheme regulations.

To obtain a copy of the share prospectus, contact Churnet Valley Railway on 01538 758490 or click here

Leekbrook Junction to Cauldon Lowe PRESS RELEASE

Moorland & City Railways 'MCR' is pleased to announce that subject to the ongoing renewal and upgrade work currently underway on the Leekbrook Junction to Cauldon Lowe line and final inspection by the ORR that it should be in a position to return the line to passenger traffic for a celebration event on the 13th November 2010.

MCR was specifically set up to purchase the line from Stoke on Trent to Cauldon Lowe for commercial freight traffic. Given the generally better than expected condition of the infrastructure this opportunity has arisen to allow a passenger operation to be promoted ahead of the freight flows.

In collaboration with the Churnet Valley Railway (1992) PLC 'CVR' MCR are planning an intensive 3 train service over the weekend of the 13/14 November 2010 featuring some interesting steam motive power. The weekend of the 20/21 November 2010 will see a repeat of this with the addition of diesel locomotives to recreate a 1960's theme. This new section of line will see the CVR expand operations from an 11 mile round trip to a 27 mile round trip. [see events page for latest details]

The MCR line closed to passenger traffic on the 30th September 1935, to freight traffic on the 8th February 1988 and has seen only a selection of trains over the weekend of the 16/17th April 1994 with the final charter running on the 28th May 1994. Since then it has remained mothballed.

The route comprises 8 miles of steeply graded railway line offering truly magnificent views of the moorlands unseen for many years. Steam and diesel locomotives will be working almost at full capacity to pull 6 & 8 coach trains up gradients ranging from 1:40 to in 1:59. The summit of the line at Ipstones is a staggering 1063 feet above sea level. These gradients will give the opportunity to see and hear the locomotives in action working hard.

Locomotives currently booked for this truly amazing event include (and subject to availability) 71000 'Duke of Gloucester', Stanier Mogul 42968, 8f No. 48624, Large Prairie No. 5199 and a surprise visitor as yet unseen in the Staffordshire Moorlands. Diesel locomotives will include Class 37 37075, Class 33/1 33102 and a return visit by a truly local class of diesel loco. These will be joined by the CVR resident Class 104 DMU.

Pre booked tickets for the event will be available via the CVR website closer to the event at www.churnet-valley-railway.co.uk. Special tickets will be available by pre booking only to ride on the first passenger train over the complete line that being the 09:55 ex Froghall to Cauldon Lowe on the Saturday which will be hauled by 71000 Duke of Gloucester.

More specific details of all the plans and special services being operated will be made available as soon as they are confirmed.

Joint Press Release from:
Churnet Valley Railway (1992) PLC &
Moorland & City Railways Limited
5th July 2010

1st May 2010

1. This locomotive was, from day one, not in a good enough condition to have any realistic chance of completing the contracted steamings and that a significant failure was only a matter of time. This was discussed with the owning group at the outset but reassurances were given that the locomotive would be able to fulfill its contractual obligations.
   
2. The opinion of a highly regarded independent engineer in this field was that it was only a matter of time before the piston head would work loose as it had clearly been poorly assembled at a previous repair, and from their own experience of this particular locomotive it was symptomatic of an engine in need of an extensive mechanical overhaul.
   
3. The repairs required to rectify the failure when it occurred could have been carried out at the CVR but the owning group did not even consider this option.
   
4. That its removal, subsequent non return to the CVR and later use by another railway within the contract period, are all unauthorised acts as far as the operating agreement is concerned and represent a fundamental breach of contract by the owner.
   
5. The result of this action left the CVR seriously short of (and for a period, without) steam motive power with consequent loss of income.
   
6. The CVR will pay the outstanding hire charges but the 4F Group have been told that this will need to be fitted into a cash flow adversely affected in part by the non-availability of their locomotive and they will rank behind payments to other engine owners who have not defaulted on their agreements with the CVR.
   

It is regrettable that a group born out of the embryonic CVR, purchased a locomotive for use on the CVR and restored it from Barry condition at Cheddleton have chosen to steer a path away from the very people who helped restore it all those years ago.

Churnet Valley Railway (1992) PLC

Froghall 1st May 2010