The Weardale Railway and Dartmoor Railway, as well as an engineering and equipment leasing business, were all recently listed. The properties are being sold for between $610,000 and $854,000. The railroads are owned by British American Railway Services, which is partially owned by Iowa Pacific along with a group of individual investors from the U.S. and the United Kingdom.
British American Railway Services acquired the railroads in 2008.
The Weardale Railway is an 18-mile heritage line in County Durham, England that operates seasonal excursions. The railroad is supported by a volunteer group called the Weardale Railway Trust. The Dartmoor Railway is a 15.5-mile scenic railroad in Devon, England.
In 2019, nearly two dozen entities associated with Iowa Pacific Holdings were placed into receivership. A company or property is placed in receivership to protect the assets of an organization when it cannot meet its financial obligations or enters bankruptcy.
An ongoing case in U.S. District Court in Illinois has revealed that Iowa Pacific is millions of dollars in debt to numerous creditors and contractors.
