‘4F’ TOLD TO LEAVE WSR AMID FINANCIAL WOE
West somerset Railway cash flow is worse than thought.
Amajor shake-up of the West Somerset Railway’s locomotive fleet is under way in response to serious concerns over the state of its finances.
After its decision to enforce an extended closure period on account of issues highlighted by the Office of Rail and Road (SR487), detailed investigations into the railway’s accounts by its overhauled management team, led by company chairman Jonathan Jones-Pratt, have shown that the cash flow situation is much worse than previously understood.
Mr Jones-Pratt would not reveal the full extent of the money problems that threaten the viability of the 23-mile Minehead branch, but said that supporters, made up of more than 300 volunteers, members and shareholders, would be briefed on the situation in detail at a landmark meeting in Taunton on February 2.
“The message will be that if we don’t run as a proper 21st-century company, it won’t be here… We cannot compromise on safety while we sort out the business.
“When we reopen, we need to be in the best possible position to be a compliant railway, otherwise the [closure] period will be extended again. I don’t think that’s likely, but we need to pull people together.”
One of the first actions of the West Somerset’s urgent response was to terminate the 25-year ‘restore and run’ agreement for LMS ‘4F’ No. 44422 (owned by the 44422 Locomotive Company) after only three years. Mr Jones-Pratt said that “the agreement was not fit for purpose” and it “does not fit the business structure”. He said that the WSR had invested a considerable sum in overhauling the boiler, but that the locomotive still required significant bottom-end work to make it acceptable for running over the demanding line – a situation exacerbated by the locomotive’s lengthy spell on the sidelines with cracks in its driving wheels.
“We are now trying to assist the group in finding another railway… we’re not emotionless.”
Additionally, the plc is seeking to raise a further six-figure capital sum through the proposed sale of its ex-Barry ‘Large Prairie’ No. 4110 (see separate story, right).
The WSR continued to shuffle its locomotive pack in mid-January when its 2004-converted ‘Mogul’ No. 9351 was moved from the main workshop at Minehead to the WSR Association’s site at Williton where its overhaul will be completed, and funded, by the charitable organisation, at no further cost to the cash-strapped plc.
A return to steam is envisaged in around four months, which would enable the WSR to embark on its main summer season with a full complement of engines, including newly overhauled ‘78XX’ No. 7828 Odney Manor, ‘7F’ No. 53808 and ‘6959’ No. 6960 Raveningham Hall.
While No. 9351 was moved into Williton in January, ‘56XX’ 0-6-2T No. 6695 was moved outside, where its rebuild will continue, but without further financial contribution from the company, which says that it cannot justify the previous outlay that was offset against future steaming fees. Mr Jones-Pratt said: “The line has reached out to them [the 6695 Locomotive Group], but we have to make educated business decisions, and the WSR can’t look after everyone. We have to make some tough calls.”
A 25-year loan agreement similar to the ‘4F’, which was to be triggered upon completion of
the ‘56XX’s’ overhaul, has also been put on hold.
Additional cost-cutting will result in a number of staff redundancies, as highlighted in SR487, and on January 22 it was announced that the railway’s respective heads of commercial, human resources and operations departments will be the first to leave the railway.
Mr Jones-Pratt has expressed his sadness for the decision, adding: “Do I want to make people redundant? No. Is it going to be awkward? Yes. Do I want to save the railway? Yes.
“The gravity of what we are doing is massive,” he adds. “One of the positives is that £125,000 is to be spent on infrastructure [as part of the extended closure]. Funds raised by individual stations along the railway are sponsoring the trackworks, which is one of the largest projects for a long time.”
The WSRA is also funding a comprehensive repaint of the railway’s Mk 1 carriage fleet, which will result in three rakes formed of chocolate and cream, carmine and cream and maroon-liveried vehicles.
“We want to make our 40th anniversary year the very best it can be and we need as much support as we can to make that happen,” Mr Jones-Pratt added.
Services resume on March 30.