An official Statement by Steam Traction World.
It is with great regret that Steam Traction World has ceased trading. As short-term custodians of this steam venture, we wanted to put our side of the story of what has happened for the last two and a half years. Instead of fiction and slander, we will state facts, for which we have evidence.
Steam Traction World has never been “just a business.” It represents years of dedication, craftsmanship, patience, and pride. For many of you, it is late nights in the workshop, family time sacrificed, and dreams slowly taking shape in metal. That is exactly why we stepped in — and why we refused to walk away, even when everything became almost impossible.
We bought into STW in January 2024, investing significant personal funds because we genuinely believed we could turn things around. We believed this company deserved saving — and that its customers deserved better. Dean Rogers remained a one-third partner after selling us the majority stake. He remained the face of the company, responsible for the sales and operations, while others looked at reducing costs, sourcing parts from alternate sources and also, for the future, developing a 6” Burrel model. Dean was the only one in management to take a salary. One partner spent more time in India investing in machines and producing parts at vastly reduced costs.
The economics of the business had changed since after covid, with significant increases in costs. However, customers could not bear such increases, and so cost cutting was a primary focus.
We did what Dean asked us to do in terms of hiring more people to help with operations. However, less than four months into our partnership — in April 2024 — while we were committing money, time, and energy into rebuilding the business, Dean was secretly quietly contacting his solicitor to explore his exit options (we have the emails). While we believed we were building something together, he was already planning his departure.
On 23rd December 2024, just before the Christmas holiday, we received a shocking email from Dean. Or rather an ultimatum: double his salary immediately — or he would walk away at the end of the month. He also had done the legal paperwork to handover his shares to the company.
The business was already under severe financial pressure. Despite having to selling a couple of the company engines and trailers, the new investors had already put in an additional £150,000 into the company in one year (not including the initial investment). Although a one third partner and promises were made, Dean’s contribution to this debt was less than 5%.
It was simply not possible to agree to his unreasonable demands and so, in January 2025, Dean left.
No handover – No transition – No support for the team – No support for the customers
He walked away — not even giving us access to the company Revolut bank account, which was on his phone.
The chaos that followed made survival even harder. We could have walked away. Financially, it would have made sense. Emotionally, it would have been easier. We had to make a decision between shutting the business or continue to make kits for the existing customers while continuing to fund the business personally. We chose the latter.
While we had deposits from new customer, we decided to return them, and they have all been returned.
Although we asked for a face-to-face meeting, communication with Dean was restricted to phone and emails and him asking for his director’s loans and his models to be returned. A short delay resulted in him getting his solicitor involved, but no face-to-face meeting.
From that moment on, every attempt to stabilise STW became an uphill battle. The long-standing Indian supplier — who had worked with Dean for years and held STW’s paid casting patterns — refused to continue with us. We were forced to start again from nothing, recreating tooling and paying again for patterns that already existed.
On 5th February 2026, Dean removed his models from the company showroom, further disrupting continuity production as our control models was not there anymore.
Four days later came the final blow. Warehouse lease renewal negotiations were believed to be progressing positively and according to Dean’s (who is also the landlord) agent, who said a price compromise could be reached. But on 9th February 2026, that belief was shattered when Dean’s estate agent sent us this message:
“Further to our previous exchanges – I have taken further instructions from your landlord.
He feels he would be better positioned not to renew the lease with you as it will give him a clean start …”
A clean start – so basically no STW on this sight. After everything we had invested and after everything we had held together and after we had kept production going against the odds. This felt like a proper betrayal.
The cost of moving the factor was prohibitively high and considering there has not enough funds to pay the owners ever, only one choice remained. Even though new investment far exceeding the asset value of the business, the business had to shut.
And despite everything:
• We dispatched more kits in the past year than in previous years
• Quality issues have been significantly reduced through new suppliers and tighter controls. We know this because the number of complaints fell significantly.
• We sent hundreds of kits per month, with very few follow-on stickers
• Most of the customers have had their full kits
• Even till the last day, we send the last of the boilers to customers even though they had not paid STW by then.
• With the permission of the administrators, we have set aside some kits, including boilers, for customers who have paid for kits but cannot accept kits at present. They will be contacted in the near future with delivery plans.
We are truly sorry to the handful of people whose engines we could not complete. This is not the outcome we envisioned when we stepped in with such hope. It is not what we worked toward.
To our incredible team — Mark, Craig, Mark, Steve, Traci, Milly, and Rose — you carried this company through its toughest days. Your resilience and loyalty are to be applauded. We owe you more than words can ever express.
And to our customers — those who waited, those who showed patience, those who sent messages of continued support — thank you from the bottom of our hearts.”
***
Response by Dean Rogers
So for 16 months since I left, I’ve kept quiet ….however after what I’ve heard today, that the company I started 18 years ago will after this week be no more, it’s time I gave my side of events.
I’ve heard…I’ve abandoned customers, I’ve heard I walked out on the staff, I’ve heard I took the money and ran!! What a load of ******* so let’s set the record straight…
I was approached about selling the business in 2023. The people who approached me originally approached Steve & I in 2018 but due to Steve being ill the conversation halted. However after running the company alone for 5 years & doubling turnover over the Covid period I felt in 2023 it was the time to ‘have the conversation’ as I was tired, fed up and stressed of running it alone.
The business had been valued at £400k plus stock (stock book value was £200k) and after a number of back and forward discussions, an offer was made and accepted which included that I would keep 5% of the business and work on an ‘employed’ basis. This then lead to the potential purchasers doing a months due diligence where they went through everything and got a better understanding of the business.
Clearly at this time the potential purchasers were introduced to staff and their ideas for the business going forward were put to them, along with their ideas for new machinery, new welding equipment and automated packing facility etc.
Once the due diligence was completed and we were at the stage of signing, this is where the back track started. The original offer was reduced by £100k, additional to that they would only proceed if I kept 33.3% of the business and signed a 12 month contract agreeing to a £42k pa pay cut!! Initially my reaction was not a chance however after being persuaded that they would be the ‘new Steve but two partners instead of one’, one working full time at the factory improving production, while the other implementing systems and already announcing to staff all the improvements they were going to make, we (myself and a silent partner) reluctantly signed the deal.
As the majority shareholder, my share in that deal for a company I’d built up over a 16 year period was in total £63k by the time I kept my 1/3rd stake!!
On or around Dec 8th 2023 the deal was signed….by Dec 22nd 2023 just two weeks later the partner who was supposed to be there for 5 days a week returned to India!! 5 days a week promised became an occasion visit and I felt more alone than ever.
The next year I wasn’t a partner! Every time I rejected quality, rejected quantities supplied or said I was unhappy I was the 1/3rd stakeholder against the 2 x 1/3rd stakeholders!! I argued against boilers being produced abroad and sub standard materials coming in with my years of experience falling on deaf ears. After 12 months my contract was up and I asked to renegotiate. I was told this was not something they would be willing to do….so I walked away. This was Christmas 2024/Jan 2025 some 16 months ago! I was sick of the BS and false promises and with that they took my 33.3%.
This means in reality for the company started, valued at £400k plus stock I got…..
£63k less CGT at 10% = £56,700
Less the £42,000 pay cut I took for 12 months = £14,700
This figure excludes the loss of key man insurance they stopped paying, my £1000pm pension contributions they stopped paying so if you work it out I was actually worse off by selling the business 1 year down the line than if I’d have kept it!!
Additional to this over the last year I’ve spent thousands in legal fees perusing what was mine and what I’m owed. What I was owed included £6000, from the July before I left, that I put into the company to cover a wage short fall when the new partners refused to!! Despite this I’m still being told by a customer who visited this morning, they are still making out it’s all my fault as I chose to not renew the factory lease! A choice I made as I was sick of being screwed over and when offered the opportunity to renew they offered to pay 65% of the market value, stating we don’t think the landlord will find anyone else so take it or leave it! So enough was enough and I served them notice!
In hindsight and now knowing how its ended, the sale of all the machines (I’d like to see if the money went in the business account for these), the fake invoices to clear what’s left of the bank account, the taking & hiding of complete kits (only yesterday I was told by a customer who visited without warning and saw them being loaded into a van ) along with other completed boilers that have yet to be paid for (so they can sell them no doubt)….i now believe their plan was ‘maybe’ to always force me out and asset strip! I questioned all along, why weren’t they taking new orders and building order books….this business needed a new order book constantly building, which could take many months to grow as the only way to make this pay was producing the kits in production runs.
I must add how deeply disappointed I am now knowing STW, a company that Steve and I built forging an excellent reputation for quality engines, will be no longer and a great many enthusiasts – who supported us so much – and love our hobby, will share the disappointment in this sad news too.
The past 16 months have been frustrating for me, sitting on the sidelines, with contractual confidentiality clauses ensuring my silence.
The new owners promised so much but delivered (quite literally) so little.
Added to original posts….On a final note I believe a number of customers have been left with incomplete kits. If the administrators I can find out where the ‘missing/taken’ kits have gone and I can get into my factory to check the spare situation then I ‘may’ no promises see what the administrators would be looking for to purchase the spares. I do have the contacts in the UK and abroad to get some of the parts completed (bear in mind they sold all the machines) but it’s going to be based on what they would want for them so no promises
Steam Traction World. Marketing. Marketing by Creativia.
