The rail line has been closed since 1989

The 8.5-mile Ecclesbourne Valley Railway line, which runs between Duffield and Wirksworth, is being bought by Wyvern Rail.

The total cost is estimated at �750,000 and an ongoing share offering is raising the money for the five-year lease-purchase deal.

The railway's clearance teams have already been working for two years to turn the abandoned line into a going concern.

Disused line

The line has been disused since 1989.

It links the northern outskirts of Derby with the market town of Wirksworth, situated in the Derbyshire Dales near the Peak District.

Neil Ferguson-Lee, from Wyvern Rail, said the company plans to reopen the line in sections with a view to operation right through to the main line junction at Duffield by 2007.

"The plan is to operate a proper passenger service, and we will also run some steam engines on it as well on bank holidays," he said.

Wyvern Rail will unveil its fleet of rail vehicles, including the first preserved air-conditioned train, on Friday.

The first service on the line expected later in the year.