Supporters of the Churnet Valley Railway have rallied to our appeal for funds to purchase the remaining section of Cauldon Branch track as far as Ipstones.
Our latest share appeal, launched in August, has already attracted more than half of its £76,500 target and we are now pushing ahead to complete the purchase as soon as possible.
Churnet Valley Railway’s purchase of the track to Ipstones is important to our services over the Cauldon Branch Line which have generated significant revenue for the railway in recent years.
Moorland and City Railways, owners of the Cauldon Branch, plan a phased replacement programme so that new, heavy duty track is installed ready for future freight use of the line. Both CVR and MCR recognise the need to retain the existing track for CVR use prior to its replacement and we have concluded an agreement for CVR to purchase the existing track in three phases.
CVR has already purchased some 2.75 miles of track for a total value of £86,250 prior to the track appeal. As a result of the appeal, some £40,000 has been raised so far, leaving around £36,000 still required to complete the purchase of the remainder of the track to Ipstones . This will then secure a total of 5.2 miles for our use until its eventual replacement by MCR. At that point, we will be able to re-use or dispose of the current track and retain the proceeds.
“Shareholders have made an excellent response to the appeal in a very short space of time,“ said CVR Chairman Anthony Hancock.
“Running on the Cauldon Branch has become an important part of our operational programme over the last few years and purchase of the track will ensure that it continues."
“We hope that local people and railway enthusiasts in general will rally to support the share appeal so that we can raise the remaining funds as soon as possible.”
Shareholders can take advantage of a range of benefits, depending on the amount of shares purchased. The Enterprise Investment Scheme continues to apply to new share purchases so that investors purchasing £500 worth of shares or more should qualify for a 30% tax refund on the amount invested. ( This was 20% until recent changes were announced to the scheme).