After British Rail closed the Lakeside branch to passengers on 6 September 1965,[2] a group of enthusiasts chaired by Dr. Peter Beet formed the Lakeside Railway Estates Company, with the idea of preserving both the line and Carnforth MPD, to provide a complete steam operating system.

[5] McAlpine subsequently acquired a controlling interest in the company, in order to fund the purchase of the complete site including the track from British Rail.

The headquarters, engineering base and depot are at Carnforth, where locomotives and stock are stored and maintained, and where contract work is undertaken for other operators.

[8][9][10] This occurred less than a minute after the up/east bound First Great Western (FGW) service from Swansea to London Paddington passenger service approaching via the South Wales Main Line from Badminton, Gloucestershire and operated by an InterCity 125 set, had cleared the junction at 100 miles per hour (160 km/h).

[9] 700 yards (640 m) down the line, the train was manually brought to a stop by the driver; it came to a rest across Wootton Bassett Junction.

The required steps include introducing a risk-based driver monitoring regime, and demonstrating that there is an effective and secure system of tamper-evident seals for train protection isolator cocks on all relevant traction.WCR stated that it was in negotiations with NR regarding the terms of the suspension, and also with other train operating companies in order to prevent the cancellation of many scheduled WCR operated railtours during the period of suspension.

[13][14] Network Rail has confirmed that it reinstated West Coast Railway Company's track access agreement as of 00:01 this morning, five weeks after suspending the organisation over safety concerns.

The new interim Head of Safety, Alex McGregor, from Lloyds Register and a Non-Executive Director are being appointed before services recommence.On 9 December 2015, the Office of Rail & Road (ORR) announced that the WCR and the driver of the train involved in the incident at Wootton Bassett were to be prosecuted for offences contrary to the Health and Safety at Work Act 1974.

[19] On 24 November 2015 it was reported that the ORR had temporarily prohibited WCR from operating steam trains on the mainline rail network, following an initial investigation into an incident near Doncaster on 2 October 2015 when 45231 The Sherwood Forester was hauling a WCR 'Spirit of the Lakes' charter train and the footplate crew of the engine had isolated the Train Protection & Warning System equipment which would have applied the emergency brake if the driver made a safety critical error.

[20] On 26 November 2015 it was reported that a service had moved at Bath Spa, approximately 1 meter, with the doors open and passengers boarding.

[19] On 1 December 2015 it was reported that an Improvement Notice was served on WCR following an inspection at Southall Railway Depot, due to issues around managing health and safety risks.

[19] On 17 February 2016 the ORR issued a Prohibition Notice to WCR preventing it running its heritage rail services on the mainline railway.

[21] Ian Prosser, HM Chief Inspector of Railways at ORR, said the decision to revoke the company's safety certificate had "not been taken lightly".

[23] On 25 September 2018, the ORR, after extensive review and consultation with other affected parties, renewed West Coast Railway safety certificate for a period of five years.

[26] Following the revocation of their exemption to run hinged door rolling stock until the end of February, West Coast Railways issued a statement: “We are extremely disappointed by this decision.

We are already considering a range of options and have asked the ORR to allow the current exemption to run its course, to give us time to put forward detailed proposals.

[28][29] A new exemption request was submitted to the ORR on 8 March to allow the use of their MK1 and MK2 coaches for their 2024 railtour season alongside 2024's Jacobite services.

In 2011, WCR added a second Jacobite service, leaving Fort William in the afternoons from the start of June until the end of August running on Wednesdays, Thursdays and Fridays.

This service would however only run from Fort William to Arisaig, departure was set to be at 17:43 and arrive at 19:43 (a half hour long break at Glenfinnan is to be included).

The tour originally ran from York to Scarborough travelling via Normanton and Wakefield Westgate with steam haulage throughout.

Before the 2011 season, WCR issued a statement stating that due to Network Rail's implementation of the new European Train Control System (ETCS) signalling on the Cambrian Coast, which necessitated new in-cab signalling equipment, the seasonal steam services had to cease running because there isn't yet a system available for fitment in steam locomotives.

As of 2020 these trips are still running in place of the original Scarborough Spa Express trains; the tours start off diesel worked from Carnforth with a steam loco taking over in York.

The company utilises several sidings at Hellifield, south of Settle Junction, where the lines to Carlisle and Carnforth diverge, allowing easy access to the WCR home base.

For half of the year the company also uses part of Fort William depot as a base for the stock and locomotives for its Jacobite service.

The Transport for Wales depot at Machynlleth has also been used previously for the Cambrian trains, but due to the line having the new ETCS system fitted which presently isn't compatible with steam locos the services had to cease.

[46] As of 2011, WCR started investing in more Class 57 locomotives, bought from Advenza Freight, Harry Needle Railroad Company, Freightliner and Porterbrook.

With the company needing to supply dual braked Mark 1 and Mark 2 coaches for the full programme of railtours for 2024, West Coast Railways submitted a new exemption application to the ORR in March 2024 to allow the busy summer programme to run as normal for themselves alongside other railtour companys.