THE ONE Railway project will push the SVR towards the next stage of its ambitious restructure plans after members of the Severn Valley Railway Company Limited (SVRCL) voted in support of the plan, writes Mia Sen-Gupta.
The heritage railway announced the proposal last December after the pandemic and increased costs had left it in financial strain.
Under the restructure plans, two of the three legally separate entities that make up the SVR would be combined to form a charitable community benefit society.
In June, the shareholders of Severn Valley Railway (Holdings) Plc, voted to support this conversion, with the process already under way.
And, on Saturday, at the company’s annual general meeting (AGM) at Kidderminster Railway Museum, members voted overwhelmingly in favour of the amalgamation.
It was a legal requirement for at least 50 per cent of votes cast to be in support for the resolution being passed.
The chairman of the SVRCL, Diane Malyon, together with the rest of the board of directors, recommended members support the resolution.
She said: “I am extremely pleased at the strength of support shown by our members for this second, important stage of the One Railway project and I would like to thank everyone for taking the time, either to attend the AGM or to vote online in advance.
“At each stage, members have examined the information presented to them, engaging with it and asking questions.
“Now they’ve given their mandate for the One Railway project to proceed, this is a terrific validation of the hard work that has been put into this project by a dedicated team of volunteers.
“The benefits and opportunity the One Railway project potentially brings to the SVR are hugely exciting – it will bring improved resilience, transparency and efficiency.”
Charlie Wright, another director of the SVR Company Limited, played a leading role in steering the project.
He added: “We knew from the start that what we were proposing was a dramatic restructure of arrangements which were put in place many years ago for what were, at the time, extremely good reasons.
“However, we’re now operating in a very different commercial and regulatory environment, and it’s crystal clear that we need a radical change.
“With the backing of our members, and the shareholders of the owning and operating company, we can bring about that change. Now the next stage of hard work begins.”
