Restoration
CalMac withdrew Waverley after the 1973 season as she was too costly to operate and needed significant expenditure. By then the Paddle Steamer Preservation Society (PSPS) had been set up as a registered UK charity, and had bought the near-derelict small River Dart paddler PS Kingswear Castle. CalMac, keen to ensure that the ship was preserved, sold Waverley to the PSPS for the token sum of one pound (GBP). Neither side really believed that the vessel would return to steam but, just in case, Caledonian MacBrayne stipulated that she should not sail in competition with their remaining cruise vessel, TS Queen Mary.
A public appeal was launched to secure funding for the return of the Waverley to service and the fund-raising operation was successful. The PSPS found itself running a cruise ship operation, "Waverley Excursions". Since then Waverley has been joined in the PSPS fleet by PS Kingswear Castle and MV Balmoral, and has had a series of extensive refits and much restoration work, including a new boiler and improvements to meet modern safety standards. She has circumnavigated Great Britain and every year makes extensive sailings around the country.
Listed as part of the National Historic Fleet, Core Collection, between 2000 and 2003 the ship underwent a substantial rebuild and reboilering at the shipyard of George Prior at Great Yarmouth, funded principally by the Heritage Lottery Fund. The work was done in two stages, has added many 21st century safety and technological improvements and returned the ship to her original 1946 livery.
In 2009 the ship was affiliated with HMS Defender, having hosted the official dignitary party at Defender's launch on the River Clyde. And in 2011 the ship was awarded the Institution of Mechanical Engineers 65th Engineering Heritage Award.
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