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The SVR, operated by the Guarantee Company, began services in May 1970. However the next stages of development, including purchase of the southern end of the line to [[Foley Park]] and ultimately [[Kidderminster]], required substantial investment. A Public Company with a Share Capital was considered a more suitable vehicle for this, leading to the formation of [[Severn Valley Railway (Holdings) PLC | Severn Valley Railway (Holdings) Ltd.]] ("SVR(H)") in March 1972.
When SVR(H) was formed, it was envisaged that the Guarantee Company would no longer be required, leading to the creation of another organisation, the [[Severn Valley Railway Association]] (SVRA). However it transpired that the existing LRO could not be transferred to SVR(H) at that time, so the Guarantee Company remained in existence. The activities of the SVRA were eventually merged into the Guarantee Company in from October 2015.
In due course SVR(H) assumed responsibility for the ownership of the infrastructure and operation of the SVR.
Although it no longer owns the line, the Guarantee Company is still an active part of the Severn Valley Railway. It remains as the SVR’s membership arm and provides volunteer staff to operate the railway (all volunteers must be members). The SVR has around 13,000 members and membership is by subscription. Members receive preferential rates of travel.
At 31 December 2016 2017 the Guarantee Company maintained a shareholding of 1,675787,389 603 shares, approximately 2017.6575% of the issued share capital of SVR(H), although it purchased more shares after this date as part of the [[Severn Valley Railway (Holdings) PLC#Share_offers|SVR Share Offer 2016]].<ref>2016 [https://beta.companieshouse.gov.uk/company/00906842/filing-history Companies House, 2017 Report and Accounts] (Retrieved 10 February 2019)</ref> It nominates three directors to the SVR(H) board.<ref>SVRLive</ref>
It also publishes [[Severn Valley Railway News]], a quarterly magazine, free to members.
