After being withdrawn from BR service in 1962, Princess Margaret Rose was purchased by Sir Billy Butlin for static display at his Pwllheli holiday camp, where she stayed until it was decided by the Butlins management to release all the locomotives in their ownership to appropriate museums on long term loan agreements.
Princess Margaret Rose left Pwllheli on Sunday 11th. May after six full weekends of toil by working parties from Butterley, and was displayed at Derby Carriage & Wagon works and Derby Locomotive works before finally arriving at the Midland Railway Centre on 5th. November 1975.
In 1988 after acquisition by the group, plans were soon put in place to restore her to mainline specification. This was completed in 1990, and on 11th. May she moved under her own steam for the first time since 1962.
46203 returned to BR metals on 15th. May 1990 moving to Derby to undergo axle weight adjustments and the loaded test run, which was completed successfully on 17th. May with a maximum speed of 85 mph achieved through Little Eaton.
The first of many revenue earning trips was run on 2nd June 1990 on the Derby-Sheffield-Derby triangle, and in the course of her mainline outings Princess Margaret Rose reached many other famous railway centres including Carlisle, Tyseley, Crewe, Bristol and Paddington, where on 26th. March 1994 she hauled a VIP special to Didcot to commemorate the end of Inter-City.
In all she completed 9,157 miles on mainline passenger workings out of a total of 18,078 before being withdrawn from service at Carlisle Upperby on 10th. April 1996 and towed back to Swanwick on
29th May 1996.

46203 Princess Margaret Rose storms up the gradient close to
Ais Gill Summit on 22nd June 1991 with the southbound
'Cumbrian Mountain Express' . Photo: John Cooper-Smith

46203 Princess Margaret Rose stands on Carlisle Upperby Depot
raising steam on 2nd September 1994 ready for the next day's
'Cumbrian Mountain Express' . Photo: Howard Routledge

46203 Princess Margaret Rose at Waitby on the Settle Carlisle Line
on 4th March 1995. Photo: John Cooper-Smith
46203 Princess Margaret Rose passing through Appleby station
on a 'run past', 21st May 1995. Photo: Howard Routledge
A major overhaul of the locomotive is now required, and this may take up to 2 years, as the opportunity will be taken to fit an air brake system at the same time.
The major element of the overhaul will consist of boiler work, which entails the removal and renewal of all the boiler tubes - 112 small and 32 flue, followed by a comprehensive examination of the boiler barrel, firebox and water spaces. Of the mechanical items, the inside motion will be taken down and refurbished. Inside cylinder pistons and valves will be removed for examination, and piston valve rings probably renewed. Finally engine and tender will be repainted. Total expenditure for the whole of the work is expected to be in excess of £100,000.
Working Life - Restoration - Preservation