The Bridgnorth Cliff Railway has been sold to a family of Suffolk-based property developers, it was revealed today.

Local operators Allan and Jean Reynolds put the Bridgnorth Castle Hill Railway Company, which includes the historic cliff railway, up for sale in February.

Mrs Reynolds said the railway had been sold to the Tipping family, and gave the new owners her full backing.

She said: “We are delighted to announce the company has been sold to another family, the Tippings.

“We have a great deal of confidence in the new owners. Our plan is now to retire, but I’m sure we’ll find something to keep us busy.”

Jonathan Bengough, spokesman for agents Knight Frank, said the railway was sold for between £700,000 and £800,000.

He said: “The railway went on to the market in February and attracted a tremendous amount of interest from all four corners of the UK.

“We are very happy it’s a family interest who have purchased the company. They will treasure it as much as the Reynolds have done for 15 years.

“The Tipping family are established property investors with real estate interests in different parts of the country.

“Eileen Tipping and one of her sons, Malvern Tipping, became the new directors of the cliff railway on Friday’s completion of the purchase.

“Her other son, Jason Tipping, has been appointed company secretary. The family has pledged to keep the Bridgnorth Cliff Railway as a going concern and in the same format as previously run by the Reynolds.”

Eileen Tipping said: “This is a very exciting opportunity for our family. We have had long associations with Hong Kong and see this purchase as a chance to own our own mini version of Hong Kong’s famous Peak Tram.

Malvern Tipping added: “Not only is the cliff railway an extremely important part of our historic transport heritage, but it is also a vital link between the two parts of the town and a major tourist attraction.”