The locomotive is owned by D318 Ltd., and based at the Birmingham Railway Museum, Tyseley, Birmingham. The 16SVT Society act as custodians of the locomotive, and deal with fund raising from sales stands etc. Please visit the 40118 website for the latest restoration news.

After first withdrawal from BR service, the loco was reinstated in 1985 (with 40012, 40060 and 40135) for the Crewe remodelling work. The engine carried a new number, 97408, officially allocated to BR Headquarters. It was withdrawn in September 1985, only to be reinstated once more - in November 1985. It remained in traffic until 26th February 1986 when, after 25 years and one day, it was finally withdrawn from traffic. It was purchased on 22nd September 1988, and moved by rail from Leicester fuel point to Tyseley on 31st October amp; 1st November 1988.

Final withdrawal from BR was due to two major faults: a seized cam-follower, causing a damaged camshaft, and a collapsed bearing on number 5 traction motor. The motor armature had seized, totally destroying the gear wheel on the axle. The pinion cog on the armature was then cut off by BR to enable the engine to remain in traffic on reduced power. Poor storage between withdrawal and purchase also resulted in damage to the engine block. The coolant had not been drained and this froze, punching a six-inch by six-inch hole in the free end of the block.