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[[File:Bridgnorth Severn Valley Railway geograph-3281670-by-Ben-Brooksbank.jpg | thumb|200px300px|right| Bridgnorth in 1972 (Wikimedia Commons)]][[File:Bridgnorth Ex-WD 2-10-0 at Severn Valley Railway Depot geograph-2756011-by-Ben-Brooksbank.jpg | thumb|200px300px|right| Bridgnorth, September 1972 (Wikimedia Commons)]][[File:Bridgnorth station geograph-3269207-by-Ben-Brooksbank.jpg | thumb|200px300px|right| Bridgnorth, September 1972 (Wikimedia Commons)]]Early in During the year the new Holding Company [[SVR(H)]] was successfully floated, but the relationship between Sir Gerald Nabarro and the SVR membership deteriorated. '''January 1972''': :During a visit to the former Heaton Mersey diesel depot, Frank Cronin noted the shed which would eventually be acquired by the SVR and incorporated into [[Bridgnorth Loco Works]]. :The unconditional contract to purchase the southern section of the line was signed on 29 January. '''March 1972 ''':The season began on 4 March, with the timetable closely following that of 1971. : [[Severn Valley Railway (Holdings) PLC|Severn Valley Railway (Holdings) Limited]] ‘SVR(H)’ was formedincorporated on 15 March, with [[Viscount Cobham]] as President and [[Sir Gerald Nabarro]] as Chairman. The role of SVR(H) would be to finance the purchase of the Southern section of the line through the public share issue (for which Nabarro would be the figurehead), and to be responsible for overall policy decisions affecting the whole railway. The [[Severn Valley Railway Company Limited|Guarantee Company]] would remain responsible for day to day management and operation of the Railway, including commercial activities, and also be responsible for the membership.  :Four days of Easter running began on 31 March, with 6,400 passengers making 13,000 journeys over the 4 days. '''April 1972''': The public share offer for 58,000 shares in [[SVR(H)]] was launched on 12 April. '''May 1972''': The share offer closed, having been over-subscribed by £24,000.  '''June 1972''':  :On 10 June the excess proceeds of the share issue were returned, although the SVR announced a rights issue of a further £50,000 at the same time.  :On 16 June BR published the application for the LRO for the transfer of the line from Alveley to Foley, Park and Burlish via Bewdley. :On 22 June the Department of the Environment announced the Bridgnorth Bypass had been transferred in to the firm Roads Programme for 1974. :0-4-0ST Invicta arrived at Bridgnorth on 30 June.

'''July 1972''': [[600|LMR 600 Gordon]] Gordon hauled its inaugural passenger train on 29 July. '''August 1972''': Salop County Council formally asked the SVR and other landowners to provide details of land owned by them which would be affected by the Bridgnorth bypass. '''September 1972''': [[61994 The share issue proceeded as plannedGreat Marquess|LNER Gresley K4 West Highland 2-6-0 No 3442 The Great Marquess]] (BR 61994) arrived on 9 September. :The Rights Issue of £50,000 was fully subscribed by the extended closing date of 29 September. '''October 1972''': On October 7 the Civil Engineering Department recovered a [[Bewdley#Water towers|2000 gallon water tank from Darlaston for future use at Bewdley]]. The following day the Department recovered two [[Bridgnorth#Locomotive watering facilities |platform level water columns from Henley-in-Arden for use at Bridgnorth]]. '''November 1972''': During the year, but Nabarro began to assume greater power and control over the Railway (described some years later in an SVR news article as ‘a committee of one’). By November 1972, members and volunteers were openly expressing the view that they were being alienated, and that proposed restructuring of the two Company Boards effectively meant that the membership would have no say in the running of the railway. Suspicions were also growing that the By-pass would be used as an excuse to abandon [[Bridgnorth]] and sell the site for housing development.

The :On 3 November , the [[Guarantee Company ]] Annual General Meeting was described as ‘noisy and controversial’ with some ‘pungent and straight talking’ resulting. The members unanimously passed three resolutions sponsored by the [[Severn Valley Railway Association]] (SVRA). These rejected proposed restructuring provisions which would give control of voting rights of the Guarantee Company’s 40,000 shares to SVR(H) and would give SVR(H) the power to appoint the Directors and Chairman of the Guarantee Company. Also the members voted that no final decision on the provision of a [[Bridgnorth Bypass Bridge|By-pass Bridge]] was to be made without a properly convened EGM, and that no paid appointments of railway staff should be made without applications for the post being invited from all members.

In December 1972, Sir Gerald Nabarro announced on behalf of :At the Board that SVR(H) was fully capitalised at £150,000, and that the Southern section AGM of the line to [[KidderminsterSevern Valley Railway Association|SVRA]] had been purchased from BR subject on 11 November, the members voted unanimously for the Association to Light Railway Orders being granted. The share issue that he had fronted had thus been a successcontinue.

'''December 1972''': Sir Gerald Nabarro announced on behalf of the Board that SVR(H) was fully capitalised at £150,000, and that the Southern section of the line to [[61994 The Great Marquess|LNER Gresley K4 West Highland 2-6-0 No 3442 The Great MarquessKidderminster]] (had been purchased from BR 61994) arrived on 9 Septembersubject to Light Railway Orders being granted. The share issue that he had fronted had thus been a success.