TOC SHARE OFFER EXTENDED TO APRIL

With “nudging up to £1 million” of its £3m share issue taken up so far, Tyseley is to extend the scheme for a further four months. The Community Benefit Society offer was due to close on December 31, but it will now stay open until April 30.

Launched to raise funds for its train operator and wider ambitions, Tyseley’s share issue opened in December 2017 (see SR475) with a minimum target of bringing in £800,000 by May 31; around £850,000 was in the kitty when the money was totted up (SR481) – allowing the issue to be kept open to try for the full amount by the end of the year.

However despite national publicity, including in the Daily Mail and The Economist, take-up in the months since May has been more modest. At the start of October, Tyseley reported that just under £1m had been raised.

Announcing the extension on November 19, Community Benefit Society Chairman Michael Whitehouse described trustees as “delighted that several shareholders have increased their shareholdings since we began running and we are now nudging up to £1 million in share capital, which is magnificent.”

Extension of the share offer “for one last time” was “in order to compensate for the delays in commencing operations.”

“This will allow those who have been waiting for Vintage Trains Limited to achieve operational status time to subscribe if they wish, and also to assess the 2019 programme when that is announced in the new year.

“We have already begun training the next generation of footplate staff. We have operated steam, diesel and battery trains in England and Scotland too!”