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Not apparently the reopening of the line (sadly) but trains from Melton to Nottingham via Loughborough - there are already a couple of early departures from Nottingham & a late return from Melton that do that. "Funding of £50000 has been granted to look into the case to provide an extra train service from the Melton Mowbray station to Nottingham via Loughborough" - quoted from last weeks 'Melton Times'.

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The old Nottingham /Melton line is still used as a test track by Network Rail so it could feasibly be reopened. I don’t know if it’s still accessible beyond the tunnel at Old Dalby though. If it were opened would it get much use? I did know a few people who drove from Melton to Nottingham on a daily commute some years ago and it must now be a bit of a pain in the mornings as you drive into Nottingham. Melton station would require good parking facilities as well.
 

Edit:   I’ve been looking on Google Earth and see that there has been house building over the line at the Nottingham end so a new rail access would be required. This would cost millions so is definitely not feasible.

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It isn't owned by Network Rail as far as I know, I think it belongs to one of the maintenance companies. Bringing it back into Nottingham would involve a lot of demolition and the chsanging of Ladybay bridge back to rail use. Would cost millions.

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