Formation
By the end of the 19th century the SER and LC&DR had fought over a small and not particularly lucrative territory for 40 years. Both were notorious for the poor quality of their services and decrepitude of their stock, and the struggles had driven both companies to the verge of bankruptcy. It became inevitable that they must combine or succumb.
The SE&CR was formed on 1 January 1899, when the SER and LC&DR formed a "managing committee" comprising the directors of both companies. This effectively merged the two companies, although officially they remained separate, with the receipts split 59% to SER and 41% LC&DR, until the Grouping; this was to avoid the financial costs and risks of a formal merger.
Read more about this topic: South Eastern And Chatham Railway
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