£3m steam train share offer receives strong support
A share offer by West Midlands steam train promoter, Vintage Trains has received strong support from the public.
In the three months the offer has been open, the promoter has raised more than £600,000 from enthusiasts keen to own part of a British main line steam operating company.
Vintage Trains runs main line trains throughout the UK, serving tourist hotspots of York, Oxford, Stratford-upon-Avon and the Cotswolds.
In January it launched a bid to raise £3m through community shares. The company needs £800,000 to establish itself as a train operating company and be in control of its own destiny.
The extra £2.2m will be invested in teaching traditional railway skills and for preserving the historic fleet of steam locomotives.
Michael Whitehouse, chairman of both Vintage Trains Charitable Trust and Vintage Trains Community Benefit Society said: “I’d like to thank everyone who has supported the fundraising initiative so far. We’ve been overwhelmed by the interest and generosity of our customers, volunteers and wider community.
“As we’ve said from the start, this is for the community, and opportunities for people to develop, particularly younger people, is a significant driver for us. This is important as Birmingham is, and always has been, a diverse and welcoming city. It is essential, for the wellbeing of the community, that everyone understands their roots and how and why they came to live here.”
Adrian Shooter, the former chairman of Chiltern Railways who has over 40 years’ experience running UK railways, will be the chairman of the Vintage Trains operating company.
He said: “It’s clear from speaking to people about this offer that there is a passion to ensure our iconic British steam locomotives continue to run passenger trains throughout the UK and preserve this for generations to come.
“There is still time to get involved in this unique opportunity, so you can own a piece of history whilst helping us to train young engineers and continue the investment in our fleet of locomotives and carriages.”
In owning shares, which start at £500, Community Share Members also have voting rights, travel benefits on the company’s services and, after six years may also have the opportunity to receive interest payments on their shares and to withdraw their share capital. There is also the option to pay for the shares in installments.
