The Severn Valley Railway has confirmed that shareholders of the SVR (Holdings) Plc have voted in favour of the plans to convert into a Charitable Community Benefit Society.

The vote took place in Bewdley as part of SVR’s owning and operating company’s AGM.

The vote needed at least 75% to be a success and the company will now start the conversion process.

Members of the Severn Valley Railway Company Limited will vote on whether to support the amalgamation of their organisation into the newly formed CCBS in August.

‘This historic vote by our shareholders paves the way for changes that will secure a strong and resilient future for the Severn Valley Railway. As a CCBS we will be eligible for significant new streams of grant funding, and will be able to apply to HMRC for Gift Aid recovery on donations received and potentially on many of our ticket sales. This will increase the railway’s income and help us to achieve greater financial resilience.

‘Then, in the second stage of our organisational restructure, members of the SVR Company Limited will vote on whether they support the proposed amalgamation of the two companies. If they vote in favour by at least the same 75% majority, this will mean the railway will be able to achieve substantial cost savings by avoiding duplicate charges for services such as banking, accounting and auditing. It makes so much sense all round, as well as reducing other financial and administrative burdens which, in the end, use up money that could be better spent on developing the railway and protecting the heritage assets in our care.

‘Before putting the proposal to our shareholders, we consulted widely. We saw that there was a groundswell of support for what we called the One Railway project. Now we know for certain that the majority of our shareholders want us to continue with the conversion to a CCBS, and we thank them for their clear mandate.’

Jonathan ‘Gus’ Dunster, the SVR’s managing director