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Llangollen Railway

Discussion in 'Heritage Railways & Centres in the UK' started by 14xx Lover, Jan 4, 2010.

  1. Sidmouth

    Sidmouth Part of the furniture Staff Member Moderator

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    As a recent donor to one of the locomotives to enable its return to steam frankly I'd be mightily P****D off to see it sold , The trust would do well not to bite the hand that feeds and this makes me even more reluctant to donate further
     
  2. Sidmouth

    Sidmouth Part of the furniture Staff Member Moderator

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    I also note initial hope seems to have eased . The receiver is going to play hard ball and PLC assets will be sold at market value . Running Mk1's command a value and I suspect even in these constrained times will be rapidly picked up . The final irony may be if any track is owned the railway becomes severed or worse the extension sacrificed
     
  3. staffordian

    staffordian Well-Known Member

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    A very reasonable opinion, but if the alternative were that the line closed because the Trust cannot afford whatever is essential to keep it going then they're caught between a rock and a hard place.
     
  4. 35B

    35B Nat Pres stalwart

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    It would be naïve to have assumed otherwise - they have duties to the creditors and those creditors will have a view towards when they want paying.
     
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  5. ghost

    ghost Part of the furniture

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    According to Wiki, the Trust owns:

    HC 1731/1942 0-6-0ST Jennifer

    GWR 7754

    Kitson 5459/1932 0-6-0ST Austin No1 - is noted as owned by Llangollen Railway so it is a little unclear if this is owned by the Trust or the PLC
     
  6. 61624

    61624 Well-Known Member

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    I'm sure Austin No. 1 is owned by the Trust, it was their very first acquisition. It would make sense to sell off the two industrial locos as they hardly ever run at Llangollen and it is likely that the hire income they generate will be little more than the cost of maintaining them - why bother with the hassle of keeping track of their maintenance for little benefit to the railway?
     
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  7. Sidmouth

    Sidmouth Part of the furniture Staff Member Moderator

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    but equally a GWR pannier will be more appealing and I suspect more remunerative
     
  8. Steve

    Steve Resident of Nat Pres Friend

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    WOT!? More appealing than a Kitson 0-6-0ST? Never.
     
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  9. Gav106

    Gav106 Well-Known Member

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    I highly doubt that 7754 would be going anywhere!!!!

    Both that and 5532 are surely the priority in getting back working.
    I have been told that 6430 and both the auto coaches (owned by the same person) are also now leaving.
     
  10. Ruston906

    Ruston906 New Member

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    The railway will need the mk1 at least one full set with a few spares any more than two steam loco is a luxury they have the DMUs
     
  11. Dunfanaghy Road

    Dunfanaghy Road Member

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    Unfortunately for the railway, 'need' is not the same as being able to save.
    Pat
     
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  12. RichardBrum

    RichardBrum Member

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    They have no choice but to sell at market value.
    What it comes down to is how much the plc owed to the bank (loans + overdraft) , what claims are submitted by other creditors, & what the easiest asset sales are to cover them.

    Easily movable & sold assets will likely go first, so stock, machine tools, materials etc. Carriages before locos. (A loco may sell for a lot more, but take much longer to sell)
    Track is unlikely to have any value, as it would need removing by the buyer, & there may not be anyone willing to even bid on it anyway.

    They will also be chasing any monies owed to the plc.


    As for the Trust selling assets to raise funds, they should check their paperwork very carefully. As a registered Charity, there are obligations placed on them when selling assets/property, & there may be restrictions on who assets can be sold to.
     
  13. Wagoniester

    Wagoniester Member

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    "Market Value" is an interesting phrase - what *is* the market value for things? Mark 1 coaches can obviously command a high price, but what about, say, a small wooden wagon, a brake van, a box van etc. I've seen ludicrous prices, I've seen bargain prices in recent past...
     
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  14. flying scotsman123

    flying scotsman123 Nat Pres stalwart

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    In those instances, market value is surely just the highest price you get on the day, without the luxury of picking a preferred buyer, who might be more inclined to keep it at the railway but has a smaller purchasing budget.
     
  15. RichardBrum

    RichardBrum Member

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    The agents will look at previous public sales records & come up with a value. They'll also look at what it was valued at on the plc books, & what it was bought for.
    Ultimately it's what it sells for in a sales/bidding process, as long as they get more than a reserve value.
     
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  16. RichardBrum

    RichardBrum Member

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  17. simon

    simon Part of the furniture

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  18. ghost

    ghost Part of the furniture

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    Could someone with more business knowledge explain what is meant by the bit in bold: "A unique and rare opportunity to purchase the operating and engineering assets, together with the business potential of a prestigious heritage railway."

    To me that reads as though they are selling some kind of right to operate, or am I reading it the wrong way?
     
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  19. marshall5

    marshall5 Well-Known Member

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    With only 6 days left it doesn't give the Trust much time to raise funds by selling off any assets that can be spared. ISTR that 7754 was owned by the National Museum of Wales and then donated to the Trust, likewise wasn't Austin 1 also donated to the charity? Hopefully there will now be an increase in the rate at which donations come in as they seemed to have slowed down recently.
    Ray.
     
  20. 61624

    61624 Well-Known Member

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    .... "Jennifer" was donated too, albeit by an individual.
     

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