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The Severn Valley Railway Company (‘SVRC’) was formed to build the railway. The first Engineer was [[Robert Nicholson]], an associate of Robert Stephenson, who carried out the survey of the proposed route. Although nominally an independent company, the SVRC was closely associated with the OW&W. The Chairman and two other directors of the SVRC were on the Board of the OW&W, while OW&W Engineer [[John Fowler]] would succeed Nicholson as Engineer of the SVRC in 1855.
Originally the proposal was for a line from south of Hartlebury to [[Coalbrookdale]], but public meetings in October 1852 confirmed the opinion that the line should continue to Shrewsbury. The first Severn Valley Railway Bill passed through Parliament and received Royal Assent in August 1853. This authorised the SVRC to raise £600,000 in shares and borrow up to £200,000 in addition.
The original estimate for construction of the line was £600,000, being £110,000 for land plus £490,000 for works<ref>[http://www.gutenberg.org/files/17612/17612-h/17612-h.htm Handbook to the Severn Valley Railway, by J. Randall 1863]</ref> and it quickly became obvious that economies would be needed, including shortening the line to join the Shrewsbury & Hereford Railway south of Shrewsbury and making other deviations to the route. A second Severn Valley Railway Bill authorising share capital of £480,000 and borrowing of £160,000 received Royal Assent in July 1855.
