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Wednesday, April 14, 2021

MP receives update on railway's financial situation

* Simon Baynes MP, left, and Bob Creasey at Llangollen Railway.

Clwyd South MP Simon Baynes has visited Llangollen Railway where he had an update on its financial crisis.

As llanblogger has been reporting, on March 1 the board of the railway’s public limited company (PLC) asked its bank to call in receivers after it became insolvent to the tune of about £350,000 and could not legally continue trading.

A firm of liquidators was called in with the aim of selling off the assets of the world-famous heritage attraction.

The Trust board, which remains completely solvent, has declared its intentions of buying as many of the railway's assets as possible and has already raised over £50,000 from a public appeal.

Mr Baynes received an update on the situation from Bob Creasey, secretary of Llangollen Railway PLC and am board member.

He said afterwards: “I am very sorry that Llangollen Railway PLC has had to invite their bank to appoint a receiver but the combination of Covid and past engineering contract disputes has put an intolerable burden on the railway. 

"I hope, however, that a way forward is found for the Llangollen Railway so that it can emerge from this crisis with a sustainable long term future and continue to provide great pleasure to the many thousands of visitors to Llangollen in the years to come."

He added: "I fully back the efforts of the Llangollen Railway Trust team to refocus the Trust as an outward-looking organisation centred on delivery of a high-quality visitor experience, and I fully support their fundraising efforts to secure the long-term future of our much loved Llangollen Railway.”

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