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Following withdrawal, 50044 was sent to London’s Stratford depot for component recovery and later offered for sale as suitable for scrap only. The Fifty Fund were seeking a locomotive as a source of spares, but finding that few components had been removed, successfully purchased 50044 for preservation. It arrived from St Leonards on 6 May 1994 with [[BR Class 50 50031 Hood|50031 Hood]].<ref>SVR Stock Book, ninth edition</ref> The locomotive has been cosmetically de-refurbished, to appear as it did when released to BR from English Electric's Vulcan Foundry works. Since its preservation 50044 has worked both on the SVR and on the main line.

In 2012 a problem with oil temperature on a mainline railtour damaged 50044's diesel set. A replacement English Electric 16CSVT has been secured from Portugal (ex CP 1807) which was fitted with adjustments made to bring it in line with UK specifications. Start up was anticipated in early 2017.<ref>[http://www.fiftyfund.org.uk/index.php/our-locomotives/50044-exeter Fifty Fund 50044 page]</ref> On 10 September 2018 50044 returned to passenger duty having received the overhauled engine and overhauled main, ETH and auxiliary generators.<ref>Severn Valley Diesels Official Facebook Group.</ref> It received a bogie overhaul in the [[Diesel Depot]] over the winter of 2019/20.