Severn Valley Railway (Holdings) PLC

Severn Valley Railway (Holdings) PLC is a Public Company with a Share Capital, company number 01046274. The Company was incorporated under its original name of Severn Valley Railway (Holdings) Limited on 15 March 1972. It was re-registered as a Public Limited Company (PLC) on 15 March 1982. The Company is commonly referred to within the SVRSevern Valley Railway as "the Holding Company" or "Holdings", and in writing is often abbreviated to SVRSevern Valley Railway(H). A Severn Valley Railway shareholder owns a share of this Company and is entitled to attend the Annual General Meeting. Issued share capital exceeds £10,700,000.

SVRSevern Valley Railway(H) owns the SVRSevern Valley Railway's infrastructure such as lines and stations. It also owns three steam locomotives, four operational diesel locomotives and a number of carriages, and enters into running agreements with operators of other locomotives and rolling stock to be based on the line. It employs the SVRSevern Valley Railway's paid staff, operates the trains, is responsible for safety, and provides contract engineering services. It also operates the line's shops, pubs and refreshment rooms at Bridgnorth, The Engine House, Bewdley and Kidderminster.

The Company is an unlisted company, and its shares are not currently quoted on any trading platform, nor are there any matched bargain facility arrangements. There is currently no secondary market in the shares and shareholders may only sell their shares by way of private bargain if they can themselves find a buyer. It is difficult to obtain reliable information about the secondary value of shares. The 2012 Share Offer document commented that the average price of transactions in the previous year was 45 pence per 100 pence share.

Shareholders can also donate their shares to the Severn Valley Railway Company Limited, Severn Valley Railway Charitable Trust Ltd, one of the SVR preservation groups or to other bodies associated with the railway. Donations to Charities associated with the SVR may attract tax relief.

Share offers

The SVRSevern Valley Railway Board retains the authority to allot shares when approached from time to time by people interested in subscribing for shares. Since 2007 such ad hoc allotments have averaged approximately £145,000 per year. In addition, SVRSevern Valley Railway(H) periodically makes public share offers for particular projects:

Year first offered	Amount of offer	Amount raised
1972	£150,000	£150,000	Original share offer, fully subscribed at £110,000 with the remainder being issued to Severn Valley Railway Company Limited
1983	£300,000	£370,000	Building of Kidderminster Town station
1988	£500,000	£500,000	Construction of Bridgnorth boilershop
1994	£750,000	£515,000	Freehold of Kidderminster (£450k) plus working capital.
2012	£4,000,000	£2,001,391	Overhaul of GWR 4930 Hagley Hall, Bridgnorth Development Project et al. Costs were £89,950.
2016	£2,500,000	£2,548,595	Bridgnorth Development Project. Costs were £121,247.

As the 2020 coronavirus disease (COVID-19) pandemic unfolded the SVRSevern Valley Railway launched its 'Fight Back Fund' appeal for both donations and shares. During 2020 around a further 400,000 shares were issued.

Notable shareholdings

Some bodies connected with the SVRSevern Valley Railway maintain shareholdings, taken from the full list of shareholders at 24 June 2016 at Companies House as below, with updates as shown. For subsequent years these are not available online, only on CD-ROM by application.

Bodies currently associated with the SVRSevern Valley Railway	Shareholding at June 2016	Notes
The 2857 Society	714
The 75069 Fund
Arley Station Fund	100
Class 50 Alliance Limited	9,560
Coalyard Miniature Railway Model Engineering Society		Thanks to their passengers, the miniature railway have been able to donate funds to the SVRSevern Valley Railway Share Offer for Bridgnorth Station.
DTG Trading Limited	15,000
Great Western (SVR) Assoc.	1,026
Hampton Loade Station Fund	85
Highley Station Fund	600
Severn Valley Railway Company Limited	1,690,557	See Notes 1 and 2. Severn Valley Railway Company Limited has the largest shareholding. At 3 January 2021 it was 17.25% of issued capital (1,838,272 shares).
Stanier 8F Locomotive Society	23,810
Stanier Mogul Fund	4,286	See Note 1
SVRASevern Valley Railway Association South East Branch	15,000	See Note 3. Branch closed
SVRASevern Valley Railway Association Stourbridge Branch	500	See Note 3
SVRASevern Valley Railway Association Cheshire branch	1,705	See Notes 1 and 3
SVR Junior Club	100
Severn Valley Railway Charitable Trust Ltd	24,535	See Note 1. In the 2012 Share Offer existing shareholders with small numbers of shares who did not want to increase their shareholding were invited to donate their shares to the Trust. Figure still correct at 30 June 2019.
SVRA Wolverhampton Branch	4,640	See Note 3
Western Locomotive Association	1,000	Added 2020.

• Note 1. Two shareholdings are listed. The figure shown is the aggregated figure.
• Note 2. The Severn Valley Railway Association merged with Severn Valley Railway Company Limited from 4 October 2015, although winding up of the SVRASevern Valley Railway Association was still outstanding in 2020 over an issue with its SVRH shareholding..
• Note 3. The former SVRASevern Valley Railway Association Branches are now branches of Severn Valley Railway Company Limited.

The list of shareholders at 24 June 2016 also included the following entries:

• Rubery Owen Holdings Limited hold 150,000 shares, arising from an agreement in 1973 which included the rebuilding of the Hollybush Road Footbridge. SVRSevern Valley Railway News reported at the time that the voting rights of those shares were vested in Severn Valley Railway Company Limited.

• The largest private individual's single holding was 390,024 shares and there are no persons with significant control for this company.

Shareholder benefits

Benefits are renewed annually and amended from time to time. In August 2021 the Company announced that Shareholder benefits would be changing in 2022 and again in 2023. The then chairman Nick Paul subsequently announced at the SVRSevern Valley Railway(H) annual general meeting that there would be a moratorium on the decision to make changes to shareholder benefits until the board had the opportunity to reflect and review the decisions. Since then, the SVRH board has discussed further and agreed the proposed increases for 2022 should go ahead. However, in response to the concerns raised, it also agreed that no further changes will be considered until after a shareholders’ focus group has reported back to them. The levels proposed for implementation in 2023 will not be brought in.

Benefits from 2022

Shareholding at 31 December 2021 for benefits in 2022	Shareholding at 31 December 2022 for benefits in 2023 (suspended)	Annual benefits
125-264	150-299	1 x third class “freedom of the line” ticket
265-475	300-549	2 x third class “freedom of the line” tickets
476-899	550-999	4 x third class “freedom of the line” tickets
900-1,599	1,000-1,999	8 x first class “freedom of the line” tickets
1,600-2,399	2,000-2,999	a non-transferable silver pass giving unlimited third class travel on the SVRSevern Valley Railway for the holder and up to three guests.
2,400-3,999	3,000-4,999	a non-transferable silver pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests
4,000-6,999	5,000-7,999	a non-transferable gold pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests.
7,000-10,999	8,000-11,999	a non-transferable gold pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, plus an online voucher for 2 free bottles of selected wine when purchasing a Sunday lunch for 4 guests.
11,000-16,499	12,000-17,999	a non-transferable gold pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, an online voucher for 2 free bottles of selected wine when purchasing a Sunday lunch for 4 guests, plus 10% off charter train hire and footplate experience days.
16,500-32,499	18,000-34,999	a non-transferable platinum pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, 10% off charter train hire and footplate experience days, plus an online voucher for 2 free bottles of selected champagne when purchasing a Sunday lunch for 4 guests.
32,500 plus	35,000 plus	a non-transferable platinum pass giving unlimited first class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, 10% off charter train hire and footplate experience days, plus an online voucher for 2 free bottles of selected champagne when purchasing a Sunday lunch for 4 guests. An invitation for two guests to attend the gala lunch with the chairman and other vip guests

• Note: free travel, silver, gold and platinum passes "are valid for train services in the annual SVRSevern Valley Railway timetable" and are not transferrable, the shareholder must travel. This description changed from the 2021 benefits.

Benefits to 2010-2021

Shareholding	Annual Benefits in operation to 2020	Annual Benefits in operation 2021
100 – 224	A voucher for 1 Third Class “Freedom of the Line” ticket	Table of two, one use
225 – 399	Vouchers for 2 Third Class “Freedom of the Line” tickets	Table of two, two uses
400 – 799	Vouchers for 4 Third Class “Freedom of the Line” tickets	Table of two or compartment of four, four uses
800 – 1,199	Vouchers for 4 First Class “Freedom of the Line” tickets	Table of two or compartment of four, eight uses
1,200 – 1,799	A non-transferable Silver Pass giving unlimited Third Class travel on the SVRSevern Valley Railway for the holder and up to three guests	Table of two or compartment of four, unlimited uses
1,800 – 2,999	A non-transferable Silver Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests	As above
3,000 – 5,999	A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, throughout the period of the shareholding	As above
6,000 – 9,999	A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, throughout the period of the shareholding, plus 4 Sunday Luncheon Vouchers per annum	As above
10,000 – 14,999	A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests, throughout the period of the shareholding, 4 Sunday Luncheon Vouchers per annum, plus 10% off Charter Train Hire and Footplate Experience Days	As above
15,000 – 29,999	A non-transferable Platinum type Medallion and Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests throughout the period of the shareholding, 10% off Charter Train Hire and Footplate Experience Days, plus either a midweek exclusive observation saloon charter attached to a service train (for up to 23 people) or 4 Sunday Luncheon Vouchers per annum	As above
30,000 plus	A non-transferable Platinum type Medallion and Pass giving unlimited First Class travel (when available) on the SVRSevern Valley Railway for the holder and up to three guests throughout the period of the shareholding, 10% off Charter Train Hire and Footplate Experience Days, plus either a midweek exclusive observation saloon charter attached to a service train (for up to 23 people) or 4 Sunday Luncheon Vouchers per annum. Name added to the Roll of Honour board at Bridgnorth Station.	As above

• Note 1. Free travel vouchers, Silver, Gold and Platinum medallions & passes are valid for all timetabled trains and for special events denoted as eligible in the annual SVRSevern Valley Railway timetable.
• Note 2. The Directors will review the above entitlements periodically and may from time to time adjust them. The Directors confirmed at the time of the issue of the document on 1 November 2016 that no changes would take place within the next three years. In April 2021, following the COVID-19 pandemic, new benefits were introduced in conjunction with the online booking system, compartments and excursion trains and continuing restrictions.
• Note 3. Shareholders of 3,000 or above shares are entitled to free car parking in SVRSevern Valley Railway car parks and receive an annual windscreen parking pass. Where car parks have exit barriers, shareholders may obtain a free exit token on production of a parking-eligible travel pass at Kidderminster and Bridgnorth ticket offices, shops or at The Railwayman's Arms.

Usage and booking

• In October 2019 a new Shareholder Travel Pass came into use for the 1,800 eligible passholders, a photo-bearing credit card-sized pass to replace during 2020 the previous version and medallion that were open to abuse. It contains a bar code to monitor usage levels.
• From 2021 all shareholder travel must now be booked online and to receive the Company must be in receipt of a shareholder's email address.

Legal Charges

Since at least 1975 the Company has given Legal Charges over its land and fixed and floating assets. Companies House lists 17 charges registered, 14 of which are outstanding, in favour of HSBC Bank plc, County Council of Hereford & Worcester (re. Bewdley) and The Trustees of the National Heritage Memorial Fund (HLFHeritage Lottery Fund (National Lottery Heritage Fund from 2019)) (re. The Engine House).

As a condition of Heritage Lottery funding the Company's Articles were amended in December 1997 so that no dividend shall be paid and, in the event of winding up, no surplus shall be distributed to shareholders.

See also

The SVR Organisation
List of rolling stock owned by SVR(H)

References

Links

Bridgnorth Station share offer
Severn Valley Railway (Holdings) PLC (company 01046274) on Companies House