A bridge over the River Dart near Staverton - 20 May 2012 William Slim.

12 February 2001

South Devon Makes Tracks for Railway Freehold

The South Devon Railway, which carries 80,000 visitors a year between Buckfastleigh and Totnes, has steamed in with a share offer for train buffs to raise up to £2 million.
 
It plans to use most of the proceeds to buy the freehold of its mainly steam-hauled operation from the Dart Valley Railway, operator of the Paignton to Kingswear line. South Devon has agreed a purchase price of £1.15 million for the assets, including land around Buckfastleigh. Alan Taylor, South Devon's chairman, said buying the freehold "has been our goal for some years".
 
Currently a charitable trust, South Devon has formed a new company for the share offer. Mr. Taylor said extra money raised would be for "working capital and to develop the railway", which has an annual turnover of about £500,000.
 
The prospectus for the share offer will be issued from about 20 Mar 2001. Investors are expected to receive perks, such as discounts for trips on the trains.