At the Severn Valley Railway’s 52nd Annual General Meeting on Saturday 22 June, Chairman Chris Walton addressed shareholders and explained that the ‘commercial turmoil’ of 2022 had continued into 2023, and the railway had needed to make substantial cost savings. He went on to speak about the many successes the railway had achieved during the year.
“This has been effectively a year in which we reset what we were doing on the railway,” said Chris, “to stabilise it for the future and to provide the foundation on which we can rebuild. Managing costs has been a key strategy alongside that of diversifying our core business and also widening our commercial portfolio to ensure the railway is more resilient.
“The first five months of 2024 have shown how strong these foundations have been, but we must keep our focus, as this is going to be a long project to ensure the railway’s survival.
“Other railways are following our lead. This is a widespread problem, not unique to the SVR, nor indeed to the heritage rail sector. Economic circumstances have changed around all businesses but in particular for those dependent upon discretionary spend.”
Chris went on to point out the many successes the SVR had seen in 2023, including record-breaking steam and diesel enthusiast events, the addition of the first-ever winter mini-events and the completion of phase one of the Bridgnorth Yard refurbishment project. Dining experiences returned and the post-Covid backlog of footplate experiences was cleared.
He also referred to the way in which the SVR has diversified its commercial relationships with main line rail companies, culminating in a landmark partnership and collaboration agreement between the SVR and Network Rail.
The previous day had seen a special SVR Supporters’ event, when more than 1,300 shareholders, members and SVR Charitable Trust patrons and guardians enjoyed a complimentary day out on the line, with an intensive timetable and special behind-the-scenes activities on offer.
“There was a tangible, positive vibe across the whole railway,” said the SVR’s managing director Jonathan ‘Gus’ Dunster, “and we were able to showcase the SVR at its very best, to those people who actively support us. Feedback has been universally positive.”
Image credit: Severn Valley Railway
