The trustees of the West Somerset Railway Association (WSRA), and the board of the West Somerset Railway PLC (PLC) are pleased to announce that they have reached an agreement which will financially support the railway during these challenging times. Today’s agreement means that:
• The WSRA has sold their promotions business (which operates a shop & café at Bishops Lydeard and a restoration workshop at Williton) to the PLC
• The PLC will pay the WSRA an agreed sum of £90,721 for the assets of that business
• The WSRA will loan £70,000 to support the PLC, which has been prevented from operating by the Covid-19 restrictions. The low-interest loan is secured by charges on two WSR PLC owned coaches.
Mike Sherwood, acting Chairman of the WSRA said “I am pleased that we have been able to conclude this matter to the satisfaction of both parties. The WSRA will now be able to give its full attention to fundraising on behalf of the railway, to further supplement the financial support we are already providing at Williton, Minehead and via the rail renewal campaign”
Jonathan Jones-Pratt Chairman of the PLC said “Both parties have worked hard to bring this matter to a successful conclusion. We can now move on to focus on the preparations and funding necessary to bring the railway back into operation”.
Further details from:
Mike Sherwood, WSRA Chairman – firstname.lastname@example.org or 02920 890055
Steve Williams PLC Director- email@example.com or 01823-462898