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The SVR, operated by the Guarantee Company, began services in May 1970. However the next stages of development, including purchase of the southern end of the line to [[Foley Park]] and ultimately [[Kidderminster]], required substantial investment. A Public Company with a Share Capital was considered a more suitable vehicle for this, leading to the formation of [[Severn Valley Railway (Holdings) PLC | Severn Valley Railway (Holdings) Ltd.]] ("SVR(H)") in March 1972.
When SVR(H) was formed, it was envisaged that the Guarantee Company would no longer be required, leading to the creation of another organisation, the [[Severn Valley Railway Association]] (SVRA). However it transpired that the existing LRO could not be transferred to SVR(H) at that time, so the Guarantee Company remained in existence. The activities of the SVRA were eventually merged into the Guarantee Company from October 2015, although an issue with its SVRH shareholding, ring-fencing unspent lottery monies and transferring assets meant winding up of the SVRA was still outstanding in 2021 over an issue with its SVRH shareholdingtook until 2022 to be concluded.<ref>Guarantee Company Annual Reports ending 31 December 2019 and ; 31 December 2020, p. 5; 31 December 2021, p. 3; and 31 December 2022, p. 8</ref>
In due course SVR(H) assumed responsibility for the ownership of the infrastructure and operation of the SVR.
Although it no longer owns the line, the Guarantee Company is still an active part of the Severn Valley Railway. It remains as the SVR’s membership arm and provides volunteer staff to operate the railway (all volunteers must be members). The SVR has around 10,800 members<ref>SVR News 215, Autumn 2021</ref> and membership is by subscription. Members receive preferential rates of travel.
It has the largest shareholding in SVR(H): in 2021 2022 it was 17.2593% of issued capital (1,838972,272 467 shares).<ref>SVR(HG) Financial Statements for the year ended 3 January 202131 December 2022</ref> It nominates three directors to the SVR(H) board<ref>SVRLive</ref>, increased from two in 2015 when it merged with the SVRA.
It also publishes [[Severn Valley Railway News]], a quarterly magazine, free to members.
The VLO organises a Volunteer Reward Scheme, a monthly draw using the database of working volunteers, funded by the Guarantee Board. Winners receive a small value of vouchers to spend on the SVR.
==See also==
