The trust was formed by a steering committee that had earlier been established to investigate the proposal, and was composed mainly of members from existing rail heritage organisations.

The locomotive was involved in a washout accident on 16 July 1956 and plummeted 50 feet, while hauling a full load of freight from Wanganui to New Plymouth.

The engine lay undisturbed until November 2001, when it was purchased for $1 by the Hooterville Heritage Trust, and in 2002 salvage work began after 46 years underground.

Lack of funds and the loss of the Stratford old railway goods shed led to the Society asking for expressions of interest in the locomotive.

Two replica NZR H class "Fell" locomotives will be commissioned by the Trust to operate the incline section of their line for stage 3 of the project.