How Viable are Preserved Railways?

[Belperpete]

It came as a bit of a shock to me to read about the Bluebell’s financial difficulties. I had assumed that as one of the big players, and with a significant and prosperous catchment area, the Bluebell would be relatively immune to such pressures. However, if the Bluebell is struggling, how are other lines doing?

I have started this thread to try and get an overview of the situation, rather than looking at one particular line. To get the ball rolling, I have looked at the finances of the “big four”: the Bluebell, the NYMR, the SVR and the GCR.

Bluebell
The accounts and chairmen’s pieces in Bluebell News make sobering reading. In a few years, the Bluebell has gone from being a profitable line with a sizeable sum of money on account, to approaching its overdraft limit with the bank concerned about its solvency. The Bluebell has sustained losses over the last 3 years, with a loss of £588k last year, up from £288k in 2023. There could well be a similar half-million loss this year.

NYMR
The North York Moors burnt through over a million of their reserves hoping things would improve. After making another significant loss in 2023 of £633k, they finally took meaningful action in 2024 by cutting trains and revising their fare structure (moves that did not go down well with some on here). The hope was that these changes would allow them to break even in 2024, however, the recently-released accounts show that this was only partially successful, and they made another big loss of £278k in 2024.

SVR
The Severn Valley accounts show they made a similar loss as the NYMR in 2023 of £641k, which they similarly reduced to a £295k loss in 2024. This was in part helped by donations to their Resilience Fund, although I am not convinced that those who donated to this fund were expecting their money would effectively be used to subsidise other peoples' fares. Fortunately the costs of reinstating the embankment slip at Mor Brook are expected to be covered by the insurers and donations from supporters, however, the impact on services will probably have an impact on operating revenue this year.

GCR
The Great Central accounts show they likewise made a similar loss as the NYMR in 2023 of £672k, which they similarly reduced to a £228k loss in 2024, with losses likely to continue until 2028.

A common theme expressed in all the accounts is that the operating environment is “challenging”, and likely to remain so for the foreseeable future. They appear to have gone from being successful, profitable businesses pre-Covid, to making substantial year-on-year losses. A number of them have even had to justify in their accounts why they should still be considered as going concerns. However, at least the NYMR, SVR and GCR have managed to halve their losses.

As the Bluebell Co. Chairman notes, there will doubtless be those who believe the problems to be over-exaggerated, and that the situation can be ridden out. Indeed, as the Bluebell is tabling a half-million loss, some of its members are apparently tabling an AGM motion that more be done to reopen the Ardingley branch!

Now, I am not expecting any of these lines to go bankrupt. They all have plans to meet the immediate losses, such as by selling assets. However, as the Bluebell’s chairman says, no company can sustain such losses in the long-term.

It is clear that preserved railways are having to operate in a very different commercial environment to that of a few years ago. Saving a few hundred pounds here and there isn’t going to make much of a dent in a half-million loss – clearly some quite significant changes are needed. As the Bluebell Chairman notes, some railways have already started to make such changes, such as curtailing train services, reducing days of operation, and revised fare structures (I can’t help feeling that Bluebell members are being prepared for similar measures).

So, how are other lines coping? Are smaller lines faring any better?

 

[trainmania100]

Went on Wednesday to bluebell railway only quickly to see the thumper on driver training, Horsted Keynes was dead. I didn't see a single person. Presume all the kids were on the trains but I was certainly expecting to see more people on kids holidays. I don't think the cafe they had there was open either. But at £30 adult on the day return ticket, it's very expensive. Wonder if diesel offers cheaper running costs over coal, I assume it does?

I have childcare responsibilities and while I do generally expect to spend money on a day out, £30 adult is higher end of the budget and its not an amount of money many parents are going to want to pay.

Fine on activity days when theyve got things on but Tuesday when I went, the £30 adult and £15 child cost probably explains why the railway was dead. Overflow car park wasn't open either. Can't have been busy at all.

 

[JGurney]

A common theme expressed in all the accounts is that the operating environment is “challenging”, and likely to remain so for the foreseeable future. They appear to have gone from being successful, profitable businesses pre-Covid, to making substantial year-on-year losses.

I fear I might be asking questions whose answers are already here somewhere, scattered around other threads, but are the causes of this decline identified?
I can think of several possible factors, but have no idea which if any are actually among the causes:

• decline in interest in heritage rail
• costs of heritage rail operations rising faster than inflation, making them more expensive compared with other things.
• prices of competing attractions failing, or not rising as much, making them appear better value.
• falls in disposable income among heritage railway visitors leading to fewer visits or less being spent.
• sated customers i.e. many people interested in heritage railways have now been to most of them several times and so are making fewer visits.

 

[Yorkshire09876]

These larger operations all presumably rely to a fair extent on paid staff, and are therefore expensive to operate?

How are the smaller operations which rely mostly / entirely on volunteers doing finanncially? Of course there is a looming issue there too in that with people working longer the pool of active and healthy retired volunteers is likely to be shrinking.

 

[Belperpete]

I fear I might be asking questions whose answers are already here somewhere, scattered around other threads, but are the causes of this decline identified?
I can think of several possible factors, but have no idea which if any are actually among the causes:

• decline in interest in heritage rail
• costs of heritage rail operations rising faster than inflation, making them more expensive compared with other things.
• prices of competing attractions failing, or not rising as much, making them appear better value.
• falls in disposable income among heritage railway visitors leading to fewer visits or less being spent.
• sated customers i.e. many people interested in heritage railways have now been to most of them several times and so are making fewer visits.

The most common reasons quoted in the accounts I referenced are the increased cost of coal, increased wage costs (due to successive increases in the minimum wage, and NI), and falls in disposable income (e.g. people spending less per visit on extras, such as souvenirs and refreshments).

Some of them also mentioned that galas and special events are producing significantly more income than day-to-day operations, which is why I think we are seeing an ever-increasing number of special events. I do think there is a risk of saturating the market with special events, though. Some railways seem to have a special event of some kind nearly every weekend!

 

[Tazi Hupefi]

Worth noting that a lot of these railways are structured in such a way that the assets, particularly the land/permanent way, is actually held by a trust, or some other protected third party organisation, and the operating company pays a peppercorn rent etc. This means that the railway itself is generally well protected in the event of defaults and bankruptcy etc, at least where these arrangements are in place.

However focusing on the operating company - it's not really any different to any other company in the UK:

1) Cost of energy - particularly as a result of Russia, compounded as a result of bad political choices over decades.

2) Staff Costs - yes, national insurance and minimum wage requirements, mandatory pension enrollment etc has had a huge impact - but even volunteers are expensive now, as the cost of insurance, training etc has also risen considerably. There are also less people able to volunteer regularly, even if they wanted to - younger people simply don't have the time to volunteer, and most cannot afford to - a part time weekend job helps them to pay the bills, volunteering does not.

3) Cost of living, inflation effects etc with the obvious effects.

4) Changing demographic of the UK - regardless of what side of the debate you sit on, the demographics of the UK are changing, either as a result of age or nationality. I think it's absolutely fair to say that some of these demographics would simply not even think to visit a heritage railway - particularly where alcohol "real ale" etc is a significant contributor to the income of these railways. White British is generally the overwhelming demographic that visits heritage railways and maybe more could be done to try and expand that appeal.

 

[YorkshireBear]

I think a lot of heritage railways will have to take a long look at the wage bill and make some tough decisions about things they can't do anymore, and also things they need to do. While the market for, lets just go to the heritage railway and have a ride around is declining, I think targeted events, cream teas, childrens events etc. are popular.

 

[JGurney]

White British is generally the overwhelming demographic that visits heritage railways and maybe more could be done to try and expand that appeal.

While not the point you meant, this makes me wonder how successful UK heritage railways are at attracting foreign tourists.
Thinking over my own visits to heritage lines, I can't recall noticing anyone who was recognisably from abroad, e.g. were speaking in French or with American accents, were wearing European clothing brands not common here, etc. However when going on heritage lines or trains in other European countries it has often been obvious that there were visitors from several European nationalities present. A few weeks ago we visited the Mariazellerbahn in Austria and I noticed that their website was available in German, English and Czech.

The key role of the British railways in the historic development of rail suggests UK heritage railways might be of particular interest to oversees rail enthusiasts. Is there any sign of that factor generating visits?

 

[andyjhatton]

It certainly makes for grim reading.

Putting the turnover figures next to the losses might add a bit of context.
It's a lot easier to plug a loss of £600k if you're turning over £30m than £3m

 

[Titfield]

There are also less people able to volunteer regularly, even if they wanted to - younger people simply don't have the time to volunteer, and most cannot afford to - a part time weekend job helps them to pay the bills, volunteering does not.

This reason gets trotted out ad nauseam by heritage railways. Hundreds of thousands of younger people can find the money for the latest mobile phones, latest trainers etc. They can also find the money to attend festivals see for example Camp Bestival in Dorset Adult one day ticket £91.

The reality is that people make choices and fewer and fewer people are choosing to visit Heritage Railways or to volunteer because there are alternatives which are more appealing to them.

 

[Tazi Hupefi]

This reason gets trotted out ad nauseam by heritage railways. Hundreds of thousands of younger people can find the money for the latest mobile phones, latest trainers etc. They can also find the money to attend festivals see for example Camp Bestival in Dorset Adult one day ticket £91.

The reality is that people make choices and fewer and fewer people are choosing to visit Heritage Railways or to volunteer because there are alternatives which are more appealing to them.

That's nonsense.

With zero hour contracts and "flexible" working - younger people are simply unable to plan their lives to the extent necessary to volunteer regularly. They get a call and told to turn up to work the next day, or they simply don't get a shift. With no certainty about what they're going to be working, they can't realistically plan to volunteer around that. Heritage railways need to plan their workforce weeks, if not months in advance, and modern working conditions for young people are not compatible.

As for phones and trainers - you sound like a disgruntled old, out of touch, codger who blames Netflix and avocado for the young people not being able to put a deposit together for a house. In any event, a phone is now a critical part of life, and the performance of that phone has a significant impact on your quality of life as a young person. When so much of your life is on a mobile, it is a wise investment, especially when it comes to the security and reliability.

Second, how exactly does buying a pair of trainers every now and again have any impact on volunteering? They're almost certybuying them on credit by the way, paying £5/£10 a week. What are they supposed to spend what little money they earn on? Or do you think they should give it up to volunteer on a heritage railway for free? That's insane.

 

[Titfield]

you sound like a disgruntled old, out of touch, codger who blames Netflix

Thanks for that!

 

[Jan Mayen]

I've just come from The Bluebell, Day one of it's 65th Anniversary Gala. Seemed busy.

I suspect that it may end up to a weekends and bank holiday running, with a different theme each weekend. Some aimed at families, some for enthusiasts.

 

[trainswitheddy]

This reason gets trotted out ad nauseam by heritage railways. Hundreds of thousands of younger people can find the money for the latest mobile phones, latest trainers etc. They can also find the money to attend festivals see for example Camp Bestival in Dorset Adult one day ticket £91.

Young people being who, exactly? Have you asked every one of them?

I would speak further but that would derail this thread a tad...

 

[geoffk]

I'm member of the South Devon Railway and their Bulliver magazine has a regular item on membership. The latest edition states that membership numbers are "considerably less than pre-Covid". Given that Covid restrictions ended over four years ago, I find this surprising. Of course Covid is still around but so are other viruses and we all have access to vaccines. Is there a similar trend on other railways?

 

[Titfield]

Young people being who, exactly? Have you asked every one of them?

I would speak further but that would derail this thread a tad...

No not every one but I have spoken to quite a few at various volunteer recruitment events and more general events.

Their input is that heritage railways (and indeed other "traditional" hobbies*) are not on their radar as pastimes to get involved in. They may go to a heritage railway once or twice if there was something that struck a chord but it wasnt going to be an all consuming passion.

*Heritage railways, classic cars, angling, golf to name but four.

Their focus is more on sports (whether playing team sports or watching) and attending big events particularly music festivals.

You do get some young people who show an interest in all types of voluntary work (for example animal rescue, nature, fund raising for the air ambulance) but the numbers do not seem to be sufficient to replace natural loss.

Money and work commitments are rarely mentioned as a barrier, it is more that they place a high value on time and decide to spend their leisure time in different ways.

I'm member of the South Devon Railway and their Bulliver magazine has a regular item on membership. The latest edition states that membership numbers are "considerably less than pre-Covid". Given that Covid restrictions ended over four years ago, I find this surprising. Of course Covid is still around but so are other viruses and we all have access to vaccines. Is there a similar trend on other railways?

Yes - in part because COVID compelled / encouraged many to reevaluate how they spent their leisure time.

 

[Chester1]

4) Changing demographic of the UK - regardless of what side of the debate you sit on, the demographics of the UK are changing, either as a result of age or nationality. I think it's absolutely fair to say that some of these demographics would simply not even think to visit a heritage railway - particularly where alcohol "real ale" etc is a significant contributor to the income of these railways. White British is generally the overwhelming demographic that visits heritage railways and maybe more could be done to try and expand that appeal.

I think the issue with doing something about it is acknowledging it is taking place. Its seen as racist or supporting the great replacement theory etc. The simple reality is that nearly 4 in 10 births in UK are to a mother born overseas. This means the proportion of parents introducing their children to heritage railways is dropping. There needs to be significant and sustained advertising of heritage railways to ethnic minority families. If the kids enjoy it then they will likely take their own children in a generations time. Mixed race kids are likely to be introduced to heritage railways if their white parent went on steam trains from birth (I will certainly continue the chain). It is fertile ground amongst some immigrant groups. My wife agreed to go the first time because it was a "Harry Potter train" and India and parts of Africa have some railway heritage sites, although primarily railway museums not lines.

 

[Iskra]

KWVR seems to be doing relatively well; and to counter some of the posts upthread it does have a fairly diverse range of customers including overseas tourists and some interest from the diverse local community it serves.

The trend in the OP seems to imply that longer lines with higher fuel, infrastructure and maintenance costs are the hardest to manage sustainably.

 

[158760]

It came as a bit of a shock to me to read about the Bluebell’s financial difficulties. I had assumed that as one of the big players, and with a significant and prosperous catchment area, the Bluebell would be relatively immune to such pressures. However, if the Bluebell is struggling, how are other lines doing?

I have started this thread to try and get an overview of the situation, rather than looking at one particular line. To get the ball rolling, I have looked at the finances of the “big four”: the Bluebell, the NYMR, the SVR and the GCR.

Bluebell
The accounts and chairmen’s pieces in Bluebell News make sobering reading. In a few years, the Bluebell has gone from being a profitable line with a sizeable sum of money on account, to approaching its overdraft limit with the bank concerned about its solvency. The Bluebell has sustained losses over the last 3 years, with a loss of £588k last year, up from £288k in 2023. There could well be a similar half-million loss this year.

NYMR
The North York Moors burnt through over a million of their reserves hoping things would improve. After making another significant loss in 2023 of £633k, they finally took meaningful action in 2024 by cutting trains and revising their fare structure (moves that did not go down well with some on here). The hope was that these changes would allow them to break even in 2024, however, the recently-released accounts show that this was only partially successful, and they made another big loss of £278k in 2024.

SVR
The Severn Valley accounts show they made a similar loss as the NYMR in 2023 of £641k, which they similarly reduced to a £295k loss in 2024. This was in part helped by donations to their Resilience Fund, although I am not convinced that those who donated to this fund were expecting their money would effectively be used to subsidise other peoples' fares. Fortunately the costs of reinstating the embankment slip at Mor Brook are expected to be covered by the insurers and donations from supporters, however, the impact on services will probably have an impact on operating revenue this year.

GCR
The Great Central accounts show they likewise made a similar loss as the NYMR in 2023 of £672k, which they similarly reduced to a £228k loss in 2024, with losses likely to continue until 2028.

A common theme expressed in all the accounts is that the operating environment is “challenging”, and likely to remain so for the foreseeable future. They appear to have gone from being successful, profitable businesses pre-Covid, to making substantial year-on-year losses. A number of them have even had to justify in their accounts why they should still be considered as going concerns. However, at least the NYMR, SVR and GCR have managed to halve their losses.

As the Bluebell Co. Chairman notes, there will doubtless be those who believe the problems to be over-exaggerated, and that the situation can be ridden out. Indeed, as the Bluebell is tabling a half-million loss, some of its members are apparently tabling an AGM motion that more be done to reopen the Ardingley branch!

Now, I am not expecting any of these lines to go bankrupt. They all have plans to meet the immediate losses, such as by selling assets. However, as the Bluebell’s chairman says, no company can sustain such losses in the long-term.

It is clear that preserved railways are having to operate in a very different commercial environment to that of a few years ago. Saving a few hundred pounds here and there isn’t going to make much of a dent in a half-million loss – clearly some quite significant changes are needed. As the Bluebell Chairman notes, some railways have already started to make such changes, such as curtailing train services, reducing days of operation, and revised fare structures (I can’t help feeling that Bluebell members are being prepared for similar measures).

So, how are other lines coping? Are smaller lines faring any better?

The majority of heritage railways have struggled to make a profit or even make ends meet post covid. It’s a different market, and unfortunately (in the case of the Bluebell) we have not yet adapted to the new market. For example, the 11:30 from East Grinstead is a very late start to the day, and the 10:30 from Sheffield Park always leaves full, whilst the 3:30 round trip carries a lot of fresh air. Changes are in progress for the next couple of years.

The Ardingly proposal was one member who tabled a motion to press forwards with the project - which was overwhelmingly rejected. Silly idea in this state. Almost unbelievable someone suggested it!

Went on Wednesday to bluebell railway only quickly to see the thumper on driver training, Horsted Keynes was dead. I didn't see a single person. Presume all the kids were on the trains but I was certainly expecting to see more people on kids holidays. I don't think the cafe they had there was open either. But at £30 adult on the day return ticket, it's very expensive. Wonder if diesel offers cheaper running costs over coal, I assume it does?

I have childcare responsibilities and while I do generally expect to spend money on a day out, £30 adult is higher end of the budget and its not an amount of money many parents are going to want to pay.

Fine on activity days when theyve got things on but Tuesday when I went, the £30 adult and £15 child cost probably explains why the railway was dead. Overflow car park wasn't open either. Can't have been busy at all.

Most days on the railway we have a Kids for a Quid deal, where children go for £1 with any fare paying adult (the idea being money is then made back in other areas such as catering and the shop). £30 is for a rover ticket, giving you all day travel on the railway and is good value for the mileage you can cover with it (bearing in mind one round trip is 22 miles). A lot of people tend to go on the days with other events on too, and especially with the two weekend events not surprising the midweek was quieter than usual.

I've just come from The Bluebell, Day one of it's 65th Anniversary Gala. Seemed busy.

I suspect that it may end up to a weekends and bank holiday running, with a different theme each weekend. Some aimed at families, some for enthusiasts.

Hope you enjoyed it! The trains all seemed busy (apart from the 8:15 which went with 8 people on!) and overall the feedback I received was very positive. I hear the booking office takings were high too.

 

[JGurney]

The simple reality is that nearly 4 in 10 births in UK are to a mother born overseas.

Where did you find the UK-wide data? I could not find any but saw that ONS state that "31.8% of all live births were to non-UK-born mothers in England and Wales". It seems unlikely that the figures for Scotland and Northern Ireland* would be higher than for England and Wales, and might well be lower, so I suspect a figure of around 30% for the whole UK seems likely.

Those "non-UK-born mothers" will include women born in the Irish Republic, Channel Islands and Isle of Man, will include some women who while born outside the UK came here as babies or infants and grew up here, and will include some women whose British parents had them during a fairly short period living abroad (e.g. military postings overseas). There probably are some children being brought up by mothers who have never heard of Thomas the Tank Engine due to being born and brought up abroad, but I doubt that the figure is 40%.

The ONS data (at https://www.ons.gov.uk/peoplepopula...ins/parentscountryofbirthenglandandwales/2023) indicted that some of the highest proportions of births to non-UK-born mothers were in Peterborough, Milton Keynes, Sutton and Richmond upon Thames.

This means the proportion of parents introducing their children to heritage railways is dropping ..... ethnic minority families.

I agree that it might foreseeably have that effect, but we do not know that it is. 'Born outside the UK' does not always mean ethnic minority membership in any usual sense: people with one French, Canadian, German or Irish parent are not usually classified as 'ethnic minority' members. Nigel Farage's children have a mother born outside the UK.

I agree that it is important to promote heritage railways to demographic groups who are underrepresented among visitors.

I have a suspicion, although no supporting data, that household income, household composition and book consumption may be significant in affecting tendencies to visit to heritage railways, quite possibly more significant than ethnicity as such.

*The ONS data is based on self-declaration by survey respondents. It is possible that this may be slewed by the known tendency for Nationalist supporters born in Northern Ireland to declare themselves to have been born in the Irish Republic (on the basis of the assertion that Northern Ireland is properly Irish territory merely being administered by the UK).

 

[CastlebarKeith]

Personally, I feel that after seeing these figures, where people go out of their way to support heritage railways, there can be NO case for re-connecting Lewes-Uckfield to the national network as it is filling a gap, yes, but has a directly competing fast bus service on which pensioners travel free. WHY are people going out of their way floating this idea purely to join dots on a map, when it will never be able to compete with a free bus service.
IF it became a heritage railway, would that make a stronger case?

 

[sad1e]

From what I've seen at the Epping Ongar Railway it seems basically dead on non event running days. The diesel Gala earlier this year did have quite good patronage and they seem to make good money from events. But from what I've seen they really need to cut down on non event running days to remain profitable.

 

[xotGD]

KWVR seems to be doing relatively well; and to counter some of the posts upthread it does have a fairly diverse range of customers including overseas tourists and some interest from the diverse local community it serves.

The trend in the OP seems to imply that longer lines with higher fuel, infrastructure and maintenance costs are the hardest to manage sustainably.

Many of the overseas passengers are there for the Brontes, and have a bash as an add-on.

Having a big tourist draw next to one of your stations is a massive benefit.

The Railway Children connection also brings in extra punters.

Also, being a relatively short line is a positive in terms of maintenance and operating costs - albeit with some big capital outlays such as the recent bridge replacement at Haworth.

 

[sh24]

There are a LOT of heritage railways in the UK, all chasing a shrinking market and shrinking consumer spend. Some of the railways are excellent - I enjoyed the KWVR a couple of years ago very much - and it has the Bronte connection to interest people. However many are pretty undifferentiated, often of great interest to cranks and enthusiasts but not the wider public.

I'm amazed there haven't been any insolvencies in the heritage space.

 

[Iskra]

There are a LOT of heritage railways in the UK, all chasing a shrinking market and shrinking consumer spend. Some of the railways are excellent - I enjoyed the KWVR a couple of years ago very much - and it has the Bronte connection to interest people. However many are pretty undifferentiated, often of great interest to cranks and enthusiasts but not the wider public.

I'm amazed there haven't been any insolvencies in the heritage space.

The Elsecar Heritage Railway went under in 2020, although I’m not sure if it was an actual insolvency.

 

[sh24]

The Elsecar Heritage Railway went under in 2020, although I’m not sure if it was an actual insolvency.

Still alive as a charity, just, based on their last accounts.

 

[renegademaster]

The majority of heritage railways have struggled to make a profit or even make ends meet post covid. It’s a different market, and unfortunately (in the case of the Bluebell) we have not yet adapted to the new market. For example, the 11:30 from East Grinstead is too late for our mainline connection, and the 10:30 from Sheffield Park always leaves full, whilst the 3:30 round trip carries a lot of fresh air. Changes are in progress for the next couple of years.

The Ardingly proposal was one member who tabled a motion to press forwards with the project - which was overwhelmingly rejected. Silly idea in this state. Almost unbelievable someone suggested it!

Most days on the railway we have a Kids for a Quid deal, where children go for £1 with any fare paying adult (the idea being money is then made back in other areas such as catering and the shop). £30 is for a rover ticket, giving you all day travel on the railway and is good value for the mileage you can cover with it (bearing in mind one round trip is 22 miles). A lot of people tend to go on the days with other events on too, and especially with the two weekend events not surprising the midweek was quieter than usual.

Hope you enjoyed it! The trains all seemed busy (apart from the 8:15 which went with 8 people on!) and overall the feedback I received was very positive. I hear the booking office takings were high too.

East Grinstead has a 2ph service, missing the connection is not the end of the world compared to missing a 1ph or worse connection many other heritage railways deal with

 

[30907]

Many of the overseas passengers are there for the Brontes, and have a bash as an add-on.

Having a big tourist draw next to one of your stations is a massive benefit.

The Railway Children connection also brings in extra punters.

Also, being a relatively short line is a positive in terms of maintenance and operating costs - albeit with some big capital outlays such as the recent bridge replacement at Haworth.

I think you could add that Bradford/Keighley is a good place to apply for public grant funding - at which we have been successful.

Based on today, when I think I will have seen every passenger, and the busiest "ordinary" train may have had 100 passengers (I suspect some of our normal clientele has been diverted to the RC theatre event.).
East Asian, a handful (not all boarding at Keighley, which is unusual);
South Asian heritage, local, unusually hardly any; same for Afro-Caribbeanq
White non-UK resident, a larger handful.
The rest - families/grandparents with children, visiting enthusiasts, off-duty staff using free travel, etc etc - even a few making one-way journeys from/to NR.
That's fairly typical IME when there's no special offers on.

 

[renegademaster]

Bluebell doesn't help itself by having relatively big fleet, in steam, diesel and rolling stock. It would be tragedy to loose all the prewar coaches but they can't be cheap to maintain

 

[Yorkshire09876]

Many of the overseas passengers are there for the Brontes, and have a bash as an add-on.

Having a big tourist draw next to one of your stations is a massive benefit.

The Railway Children connection also brings in extra punters.

Also, being a relatively short line is a positive in terms of maintenance and operating costs - albeit with some big capital outlays such as the recent bridge replacement at Haworth.

Cross-station interchange at Keighley, with regular services to the nearest large cities, will help too.