WEST Somerset Railway has been pulled back from the “precipice of potential insolvency” caused by a £500,000 funding gap after “tough and painful decisions”, the railway’s chairman Jonathan Jones-Pratt has revealed.

Speaking to over 300 WSR supporters at a three-hour meeting at Taunton’s Oake Manor Golf Club last Saturday, Mr Jones-Pratt said he was looking forward to a bright future now the “difficulties and squabbles” had been resolved.

And, he said, WSR could face the 2019 season – and the railway’s 40th anniversary – with much more confidence.

Over £10,000 was raised at the meeting, including £6,200 in new plc shares and £3,250 in cash donated towards the restoration of GWR locomotive 9351 and infrastructure on the line.

All 4,000 WSR plc shareholders are being contacted to seek further investment expected to be at least £500,000 a year.

Shareholders thanked Mr Jones-Pratt and other speakers for their “open, honest and frank appraisal” of the situation which faced WSR in improving regulatory compliance, strengthening the board and management, overhauling finance and investing in infrastructure.

After the meeting, Mr Jones-Pratt said that “tough and painful decisions” had been made to safeguard the railway’s future after discovery of the funding gap and in the light of recommendations from Office of Road and Rail regulators following an inspection last October.

Far-reaching steps and fundraising measures will be implemented soon with the aim of putting the railway on a firm footing for the future.

Mr Jones-Pratt said: “We have had to cut rapidly our costs and staffing, quickly sell some of our assets such as unrestored steam loco No. 4110, introduce new safety, training, competence and operating systems.

“We have had to totally overhaul our finances, and invest in and improve our infrastructure significantly at a considerable cost of £140,000, with even more spending on it needed every year from now on just to stand still.

“I was very pleased to tell everyone that that the WSR has been pulled back from the precipice of potential insolvency by our firm and decisive actions so far, and we can now face the 2019 season and our 40th anniversary of running to Bishops Lydeard with much more confidence and a much brighter future.

“I was particularly glad to have the chairman of the West Somerset Railway Association, Paul Whitehouse, and the chairman of the West Somerset Steam Railway Trust, Chris Austin, speaking alongside me and fellow directors to share our ‘one railway’ vision.

“We will all now put the difficulties and squabbles of the past few years firmly behind us and move forward as one railway acting in unison.”

For the full report, buy today’s Free Press.