Frequently Asked Questions
Has EA paid above market value for land or trackbed?
Does EA derive an income from the land it owns?
How much trackbed does EA own?
Why do we bother buying land in the Yeo Valley when it is so far from Woody Bay?
It is highly unlikely we will see this stretch being used in our lifetime – why buy it?
Why does EA only currently seem to be buying trackbed on the south half of the route?
Why have EA when the L&B can later just compulsory purchase all the land it needs?
Does EA plan to build its own rival railway elsewhere along the route?
Would EA consider a second rail head using its land in the future though?
Will you give the L&B the land you have when they ask for it?
What is going to happen with the land at Parracombe?
Surely money being put into EA is taking money away from extending the L&B?
Do you have elections of directors?
But I am not happy that EA’s directors are effectively self appointed?
Are the directors answerable to anyone?
Can EA claim Gift Aid?
Why does EA not respond to questions on forums?
Has Exmoor Enterprise increased the expectations of land owners?
Is the land completely secure?
What happens if at some time in the future the L&B is able to complete the rebuilding and purchase all the trackbed held by EA?
Who owns Chelfham Viaduct?
Where can I find a copy of the shareholders agreement?
What is the purpose of the shareholders agreement?
Has EA paid above market value for land or trackbed?
Much of the land we have purchased or acquired was at, or significantly below, market value. We do not pay above market value for land or trackbed, but “market value” of a particular section needs careful consideration of factors over and above the obvious one of acreage. In two cases in particular fencing of the trackbed will divide working farms in half. This will mean access to the remote half of the farm will have to be via a gated occupation crossing or necessitate an extended journey for farm vehicles via public roads. We have agreed with the farmers concerned that we will not fence these sections until necessary but as these are both between Woody Bay Station and Wistlandpound this may not be so far distant. Once fenced the farmers will have this major inconvenience in perpetuity and therefore the purchase price (market value) has to reflect this. [ Return to Top ]
Does EA derive an income from the land it owns?
We have derived some income from the land at Collard Bridge, however until very recently some of the other land we have has continued to be farmed by the previous owner as part of the purchase agreement, the previous question (above) explains why this is the case. The Snapper purchase will however now create a new opportunity for us, from 2011 onward, to derive an additional income by letting the main field for grazing. We are also looking at further income from the Collard Bridge site in the near future. The potential income generated from the land is always likely to be fairly limited; however it does provide a better rate of return than the banks currently do!
It should be remembered that EA is not out to make a profit – it is trying to secure trackbed and associated land for the future and the bigger picture. All shareholders are aware of this when contributing, we are however keen to generate income from assets wherever we can, to help meet the costs of maintaining the land and our long term sustainability. [ Return to Top ]
How much trackbed does EA own?
We own 6 sections of trackbed, totalling 1.85 miles in length. The L&B Trust also owns a further 4 sections (including that in operation), totalling 1.61 miles. This means that between us we collectively own 17.9% of the route. A map outlining which bits are owned by who can be found on the property page. [ Return to Top ]
Why do we bother buying land in the Yeo Valley when it is so far from Woody Bay?
All the trackbed is important and Exmoor Associates is about the bigger picture and the long term vision. People put money into EA because they want to help secure trackbed and buy into this vision – not because they want to buy coaches or lay track. Buying trackbed piecemeal, as seen elsewhere with other heritage projects, is a very slow process. With this in mind, we need to pick up land whenever it becomes available, not wait to buy it when we need it. Buying sections at market value further away from the current railhead is also good for the operating railway and the main project, as it helps further raise the profile of the project and make the ‘impossible dream’ seem ever more feasible.
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It is highly unlikely we will see this stretch being used in our lifetime – why buy it?
You may be forgetting the younger volunteers at Woody Bay – they may still get to see it. In actual fact, the timescales outlined in the Exmoor Enterprise project would suggest that most if not all of the route is achievable within a great many people’s current lifetime. There is also the option of a second railhead (see separate question!). Above everything else, EA is not here to decide which bits deserve securing and which don’t – the L&B Trust is the body to concentrate on immediate operational needs, we on the other hand are here to try to secure whatever comes up for sale or whatever we can successfully negotiate. [ Return to Top ]
Why does EA only currently seem to be buying trackbed on the south half of the route?
Since we formed EA we have approached and spoken with most landowners between Barnstaple and Lynton, and we continue to build relations with them. In 2009 the L&B Trust asked us not to approach land owners on the north portion of the route (that which forms the immediate ‘Exmoor Enterprise’ project). The reason for this request is because they tell us they need to be the single point of contact in respect of planning and the EE project. That does not mean we will not buy trackbed in the north half but we are for the moment concentrating our efforts south of Wistlandpound. Our purpose remains to secure land and trackbed along the whole route from Lynton to Barnstaple, in order to secure the long term future of the project, and this remains unchanged. [ Return to Top ]
Why have EA when the L&B can later just compulsory purchase all the land it needs?
Yes it is theoretically possible for the L&B to apply for compulsory purchase (CPO) powers as part of its application for a Transport & Works Act Order (T&WAO). Purchasing land by this method alone will however cause massive unrest amongst landowners and neighbours along the route, and will likely result in significant local opposition for the project, it is also unlikely that a CPO would be granted unless considerable efforts at negotiation had already been made and a substantial portion of the trackbed already owned.
It is far preferable to take a friendly and personal approach as we are doing with EA. CPOs are not automatically granted as part of the T&WAO, they have to be applied for and specified for where they would apply. For every mile of additional CPOs required, the cost will increase. The inclusion of CPO powers will also be significantly more likely to force the T&WAO application to a public inquiry – the more people the CPOs affect, the longer that inquiry is likely to take. The cost of such inquiries is significant – think in terms of a seven figure sum. With all this in mind, it is very much in the interests of the L&B project, to buy land before applying for the T&WAO. [ Return to Top ]
Does EA plan to build its own rival railway elsewhere along the route?
No, EA is solely a company for the purchase, maintenance and safeguarding of the trackbed and adjacent land.
Building a second rail head may at some stage become feasible – it is currently happening on the Great Central for example, this however would only work with the proper business case and working in co-operation towards the mutual ultimate aim of reopening the whole L&B. We do not consider that at the moment there is any way that the present L&B CIC could afford to establish a second railhead or would agree to work in partnership with another group to build one. If one were to be setup without their ‘buy-in’ then we are quite firmly of the belief that it would be to the detriment, or possibly the demise, of both. [ Return to Top ]
Would EA consider a second rail head using its land in the future though?
EA would not build a railway, it is not what we set up the company for. Our aims remain to secure as much of the trackbed as possible for the future. We would be prepared to consider proposals for other rail heads in the future, however they would need to have a proper and realistic business plan and it would need to either be by the existing railway CIC at Woody Bay, or with its full co-operation.
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Will you give the L&B the land you have when they ask for it?
Subject to the complete agreement of EA’s shareholders it
be possible to give / gift trackbed to the L&B when it needs it, and the directors would be happy to support this (we have never stated otherwise). We will however also be open to discuss and agree with the L&B on other mutually acceptable ways of moving forward with the project when it comes to land being held by EA.would
EA is here to secure land and trackbed for the future of the project. This means that by us owning it, it is a known entity. The L&B will not get held to ransom by EA over any of its trackbed holdings, they are secured for future railway use. The L&B can be safe in the knowledge that if they want to buy EA owned trackbed then it will only cost them what it has cost us to purchase it. EA buying trackbed is not the same as the L&B buying trackbed, but the advantage is that it is secured so that the price does not go up yet further with inflation or with proximity to the rail head, and there are possibilities of grant aided matched funding for them to make the purchase from us at a later date. If the railway cannot afford to buy the trackbed when they need it, there may also be other options available such as lease agreements.
Remember that the first trackbed purchased by the (then) L&B Association at Cricket Field Lane in the early 1980s was only a few hundred pounds and considered by many as a complete waste of money – today that same piece if not secured would likely have cost the railway a five figure sum. [
What is going to happen with the land at Parracombe?
EA secured the ‘missing link’ of land because the L&B did not have any money to be able to put towards land purchase and negotiations with the landowner had reached a point where there was a strong possibility that the option to buy would be lost for a generation or more if it was not taken at the time. We would rather the L&B had bought this section, however it was not possible. The land is now secure, so the railway is not land locked and can potentially extend towards Parracombe when it is ready. When the L&B wants to use the trackbed we have secured, they will need to discuss with us about how this will happen. We are open to any suggestions they might have, but the obvious options are that they buy it back from us, or they lease it. At present however the L&B have not approached us to talk about the land at Parracombe, and so any rumours circulating about what we have said is pure unfounded speculation. [ Return to Top ]
Surely money being put into EA is taking money away from extending the L&B?
No. People put money into EA because they want to help secure the future of the trackbed for the ultimate reinstatement of the L&B and because, as the land is owned by our shareholders, they feel they have a stake in the future rebuilding of the railway. There is no other outlet to do this, and EA is the only place you can put your money and know it will absolutely only get spent on securing more trackbed – we do ‘what we say on the tin’. It has been proven many times that people often only want their money to go to a specific cause, and those people would not put the same money into a different appeal at Woody Bay.
Exactly the same arguments have been applied with the 762 Project. It has equally been argued there that the project is not taking any money away from other “more important” projects in the L&B, because those who invest in the loco want to see the loco built and would not put their money into the project elsewhere. [ Return to Top ]
Do you have elections of directors?
No, this is laid out in the shareholders agreement sent to all shareholders. The directors can co-opt other directors if they feel it appropriate, however the existing setup was designed so that EA is able to quickly react to opportunities where they arise, and also so that there is stability in the management. If the directors changed on a regular basis, it would make the ongoing building of relations with landowners significantly more difficult.
The L&B Trust has AGMs and elections on a three year cycle, however the L&B CIC directors are not elected, making the seemingly ‘democratic’ setup there really little different from what we have in EA. In the case of the L&B, the directors can only be changed by the Trustees, and in turn they (the Trustees) can only be changed when they come up for election on rotation. The reality is that the majority of ‘armchair members’ of organisations will always vote for the status quo unless given a very significant reason not to. In defence of the L&B’s setup, it is not really any different to other similar organisations, and also (much like EA) the CIC with Exmoor Enterprise needs stability in order to succeed.
In the interests of democracy, we regularly seek the opinions of shareholders on decisions affecting the future of EA. To make certain changes, such as changes to the M&As, we would be legally required to have a formal vote. [ Return to Top ]
But I am not happy that EA’s directors are effectively self appointed?
That is fine, you do not have to be a shareholder. The directors formed EA, all as very active members of the L&B, in response to a need that could not be met by the existing organisations and hold office as unpaid volunteers at a not insignificant personal cost. By becoming a shareholder you are accepting the way the company is set up and you are buying into it as it is. We hope that you will have confidence in us as directors, if you have any questions we will always be happy to do what we can to help you with them. You can of course support EA without putting in money, as you can also come along and help hands-on when we have work parties to carry out land management or restoration work. If you are interested in this, please get in touch with us. We see ourselves as a large group of friends and as a team, and we welcome new people who would like to be a part of it.
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Are the directors answerable to anyone?
We answer to our shareholders and we listen to all the feedback we are given. Where we are given requests that affect the future of EA, we look to see what the majority want to do and we go with the majority decision. [ Return to Top ]
No, we are a private company and cannot claim gift aid. If you want to make a donation specifically where benefit can be gained from gift aid then we suggest you make a donation to the L&B Trust instead. With Exmoor Associates, shareholders tend to treat buying shares as a ‘donation’, as they don’t expect to receive dividends, however it is legally a purchase and by making that you are buying into the vision of EA. By being a shareholder of EA, you too will be a part owner of the original L&B trackbed and associated land, and thus play a part in securing it for the future. [ Return to Top ]
Why does EA not respond to questions on forums?
This is a perfectly standard practice seen in any organisation with a professional approach to its business. We will not get involved in discussion on any online forum and where anyone does post, they do so only in a personal capacity. Any questions should always be put to EA directly using our contact page and we will always be happy to correspond directly with you. [ Return to Top ]
Has Exmoor Enterprise increased the expectations of land owners?
Yes, we have had evidence from multiple first hand sources, including expert advice, that the approach of EE since 2007 has unrealistically increased expectations of landowners on the north half of the route. This does not however mean that the EE approach is the wrong one, and obviously doing anything will always have an effect in some ways. As EA we continue to support the Exmoor Enterprise project on the basis that, assuming it is successful in securing funding, it will undoubtedly be the most sensible route forward. As stated elsewhere, EA is currently focusing its resources more on the south section (phase 4), where expectations have not necessarily been adversely affected and we can continue to secure land based on our original ethos. [ Return to Top ]
Is the land completely secure?
Yes, it is as secure as we can make it. We do not over stretch ourselves and we only consider spending money we have or know we can raise. As directors, we never do anything to put the company at any kind of risk; we have no debts or overdrafts, and all our land is fully insured. There is no conceivable situation where the company would suddenly become insecure and, having sought detailed legal advice on this, there is no perceived risk to the land at all. We are continuing to consider other long term legal measures that ensure the security of the land beyond the immediate decades. The underlying aim of the company is to secure the land and trackbed for both the immediate and long term future. [ Return to Top ]
If that situation is ever reached (and we can all be optimistic) then all EA shareholders will be given a number of options. Some of the possibilities would be that the company could be dissolved and the funds returned to the shareholders, the funds gifted to the L&B, or the company continues with a change in emphasis so that it could sponsor development works such as the building of a hostel(s) for volunteers.
Any such decisions would be up to the shareholders and the directors would abide by the shareholders wishes. [ Return to Top ]
It is owned by British Railways Board (Residuary) Ltd along with nearby Goodleigh Road bridge and the formation between. The viaduct was restored to operational condition in 2000 by BRB with substantial support form the Railway Heritage Trust. The viaduct remains property of BRB. It can be viewed from the public road, but is not accessible to the public. The Grade 2 listed viaduct can only be sold to another statutory body who is in possession of a T&WAO (to include the structure). Until such time as a railway is ready to be built across the viaduct, it will remain in the hands of BRB, who will continue to be responsible for its maintenance. [ Return to Top ]
Where can I find a copy of the shareholders agreement?
A copy of the agreement can be downloaded as a pdf here. The shareholders agreement is issued to anyone expressing an interest in buying shares, and must be signed and accepted by them to become a shareholder in Exmoor Associates. [ Return to Top ]
What is the purpose of the shareholders agreement?
In short, the agreement effectively prevents takeover bids of the company by preventing shareholders from selling on their shares to third parties without the company’s consent. The agreement continues to be maintained, however it holds less relevance today as the number of shareholders is now significantly greater than in 2002. [ Return to Top ]