Llangollen Railway Trust Ltd has been able to buy up enough key assets from the liquidated PLC to continue with its plans for re-opening the heritage attraction in late July or early August, it says.
On March 1 the railway's Public Limited Company went into receivership with debts of around £350,000.
Since then the assets of the railway have been put up for online auction, which ended on Wednesday.
In the meantime, the separate Railway Trust, which remains completely solvent, has been battling to raise enough money to buy as many of the assets as possible and get the railway back on track.
Following the auction, the Trust said in a statement issued this morning: "The auction of Llangollen Railway PLC’s assets was duly completed on Wednesday 12th May.
"The bidding was fast and furious on the day for the coaching assets in particular, and the larger plant items.
"The prices paid were substantially in excess of our expectations which is good news for the PLC’s administrators and we are glad all the creditors, including those who are unsecured, will benefit accordingly.
"We were delighted to secure our priority one assets, namely one accessible-adapted coach, road railer, 12t crane and Lowmac.
"This would not have been possible without the support and dedication of our members and numerous other donors, and we thank them all.
"We were similarly delighted to learn that friendly bidders have acquired 2 further coaches and a significant amount of machine tools which will remain on the Railway."
Pete Edwards, Trust chairman, said: “It was very important to secure the principal assets which will enable us to continue preparations for reopening without further interruption.
"The support we have received from so many donors, without which we may well not be able to look forward to running again this year, and the friendly bidders, has been crucial and is very much appreciated.
"Numerous coach and plant items will be leaving the Railway which is a great shame from our point of view but at least their future in preservation is secured.
"Preparations can now begin in earnest to complete the necessary works on Dee Bridge and in the tunnel. We also need to press ahead with the necessary safety and regulatory matters.
"We are on target to reopen in late July or early August."
*Both appeals to enable the railway to re-open remain open and the trust says it would welcome further support to help fund the higher prices they had to pay for the priority items and to provide the necessary working capital to get us up and running again.
Donations can be made online at https://llangollenrailway.enthuse.com and click the Donate button, or via the railway trust's Facebook page. For taxpayers, the railway can apply for 25% Gift Aid.Alternatively, supporters are invited to send cheques payable to Llangollen Railway Trust Ltd to The Station, Abbey Road, Llangollen LL20 8SN.
AUCTIONEERS' STATEMENT
In a statement on how the sale went James Hanson, a spokesman for auctioneers Lambert Smith Hampton, said: "The auction received an incredible amount of interest and the bidding was highly competitive resulting in the prices achieved exceeding expectations. We had over 200 bidders register for the auction and we received in excess of 1300 bids on the 50 lots.
"We had initially requested that interested parties submit offers for the assets of Llangollen Railway PLC for negotiation by private treaty. Due to the level of interest this attracted, we decided that the fairest and most effective method of disposing of the assets would be by public auction. The prices achieved were significantly higher than the offers received prior to the auction thus validating the decision to use this method of sale.
"More importantly, I understand that the Llangollen Railway Trust were successful in purchasing the assets that they require to operate and maintain the railway which is of great value to the local economy. Furthermore, I am aware of at least 2 coaches which were purchased by a private individual who intends to leave the coaches at Llangollen Railway.
"The majority of the engineering machinery will also stay on site. The 7 other coaches included in the auction were purchased by other heritage railway organisations which means that they will continue to be utilised for the purpose they were built for.
"I am therefore very confident and hopeful that the next time I visit Llangollen Railway, I will have the pleasure of travelling on a train carriage rather than having to put a lot number on it."
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