[3] In 1973, McAlpine purchased the historic British 4472 Flying Scotsman steam locomotive, saving it from possible demise and repatriating it from the United States two years after a U.S. tour which had bankrupted its previous owner, Alan Pegler.

An acknowledged railway enthusiast, McAlpine returned to Hayes depot during the Beeching Axe to find that the company's Hudswell Clarke 0-6-0ST No.31 was for sale for £100.

[6] After starting Fawley Hill Railway, McAlpine purchased 4079 Pendennis Castle in partnership with John Gretton, which was subsequently housed at Market Overton in Rutland.

[8] In January 1973 McAlpine purchased 4472 Flying Scotsman after a financially disastrous tour of North America, to save it from sale to an American consortium.

[2][9] McAlpine became involved in a plan to save the Romney, Hythe & Dymchurch Railway (RH&DR) and became its chairman.

After the efforts of Peter Beet to preserve Carnforth LMS 10(A) shed, McAlpine bought shares in 1970, and then took the controlling interest from 1974 until 1987 in the visitor attraction that became Steamtown.