The Great Central Railway in Leicestershire is appealing to supporters to donate money to help with the situation.

The financial crisis is the result of the death in July of the railway's honorary president David Clarke, who acted as its financial guarantor.

Mr Clarke, who helped start the railway in 1976, had donated £1m to keep it going since then.

Since Mr Clarke's death, the railway has decided to close its overdraft account and pay off the £43,000 debt.

The railway's chief executive Graham Oliver said he may have to make some of its 52 staff redundant.

Mr Oliver: "We need to take £3,500 a day to stay in business, and the railway is an expensive operation to run.

"We are the only double-track heritage railway in the country."

He said the railway attracts 150,000 visitors to Leicestershire from around the world every year.

"We may have to let go some of the locomotive fitters, carriage and wagon repairers, who are quite a rare breed.

"It would be dreadful shame as we have trained them up since they left school."