SVR's huge loss due to floods

Severn Valley Railway lost nearly £500,000 on ticket sales and other income because of floods which wreaked havoc on the line, it has been revealed.

The 16-mile heritage railway between Bridgnorth and Kidderminster revealed that from January to December 2007 it suffered a loss of £488,620.

The loss comes on top of £250,000 needed to pay the remainder of a £3.6 million repair bill. The railway had to close the line from Bridgnorth to Arley from June last year until Easter this year due to flooding damage – the main reason for losses.

The railway had cash from Advantage West Midlands but is still £250,000 short of target the railways AGM was told on Saturday. Railway bars saw an increase of £14,000 in takings last year.

Marketing manager John Leach said they would look for other grants. The limit on available shares has risen from £5 to £8 million.

Mr Leach said today: "We were expecting this loss. In fact in the circumstances it is not bad at all. Since the railway reopened we have seen very healthy numbers and we are exceeding our budget at the moment.

"We don't know how the rest of the year will go as there is the ongoing problem with fuel prices and the global economy."