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."