For the entire life of the reconstructed B&NSR Company, money had been short and the line had been worked by the GWR. From time to time negotiations had been opened with a view to selling the line to the larger company, and these were repeatedly fruitless. The B&NSR had huge debts and was making a loss every year, and it is unlikely that the GWR would pay dearly to acquire it. The shareholders may have expected a sale price that would get them their money back; an unrealistic expectation that led them to reject an offer when the GWR made it in 1880, even though the Directors recommended acceptance. Resentment against the GWR for supposedly excessive charges for working the line were also a factor.