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Lightweight Community Transport

website:http://www.lctltd.co.uk

Possibility for investment

LCT is looking for £1.2M in 2009. The funds will be used for the purchase of rolling stock and support for the development of the light rail projects where it will be used. The company hopes to make modest payments of interest on shares issued at first, rising to 7.5% by 2012. All dividends will be dependent on the actual trading performance of the business. First and second round investors will be credited with additional shares to avoid dilution as the share capital increases. The shares are IPS shares - withdrawable, non-transferable and receiving interest rather than dividend payment. The maximum investment is £20,000. Participation is one member, one vote.
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Company details

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What does it do?

Lightweight Community Transport (LCT) exists to provide finance for business planning, training and depot construction and to lease rolling stock to those who want to make environmentally-friendly light rail travel a reality.

How is it social?

Examinations of the climate change phenomenon all conclude that road traffic is a major cause. Policies to reduce fossil fuel use will raise costs of urban driving and parking so as to encourage growth of bus, tram and local rail services. Of all forms of public transport, light rail with regenerative braking has the lowest impact per passenger mile. Other benefits include the connection of more communities to the national rail network, the relief of traffic congestion and the regeneration of smaller town centres.

What is its business model?

The development of light vehicles that do not require overhead lines and use hybrid drives to conserve energy has lowered the cost threshold for constructing and running local light rail services. Branch lines unused by conventional rail exist that provide ideal routes for this. The one remaining barrier is the finance required by operators to invest in rolling stock. This is what LCT will provide.

The public’s preference for rail travel has already led to acute overcrowding on some routes and could get worse, but investment decisions are mainly made by the public sector, which can be slow and risk-averse, and can disadvantage small initiatives. By reducing project scales and involving small, private organisations, cost saving innovations in rail technology and operating methods can be introduced onto privately-controlled lines that are only busy at weekends for leisure purposes. Also, the main national network owner is willing to consider giving access to existing freight and mothballed lines. These projects will pave the way for new line construction. There are examples in Scotland, Wales, Cornwall, Yorkshire, Avon, Gloucestershire and the Midlands where existing non-passenger railways terminate at main centres of work and education, or at main line junction stations. London Midland have already commissioned one such service between Stourbridge Junction and Stourbridge Town, and some heritage rail operators are studying the feasibility.

 

Its history

Research into this idea was funded in 2006-07 by the Esmee Fairbairn Foundation, with legal advice from Wrigleys Solicitors. Following the involvement of Somerset Co-operative Services and the Wessex Reinvestment Trust, an IPS Bencom was registered early this year, with a board of directors drawn from the public transport sector.

More information

Current shareholders:
Chair:Howard Johnston
Year of incorporation:2008
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Company snapshot

Company type:Ltd
Address:12 North Street, Stoke-sub-Hamdon, Somerset, GB, TA14 6QP
Telephone:0845 458 1473
Blog:
CEO:Alex Lawrie
Industrial sector:Transport
Social / Environmental benefit:Community development; Climate change;
Certifications:Not Applicable;
Social business sector:Other;

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