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In page Bristol and Exeter Railway:

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The Exeter and Crediton line and the North Devon line had been expected to be built on the broad gauge and naturally to fall into the B&ER camp; lease terms had been provisionally agreed. However, the London and South Western Railway (LSWR) had designs on entering North Devon, and encouraged friendly relations with the companies. At an E&CR shareholders' meeting on 11 January 1847 the provisional lease was rejected, and this was quickly followed by rejection of the TVER lease; more favourable leases to the LSWR were negotiated and ratified by shareholders in January and February 1847. The B&ER had lost control of the Crediton and Barnstaple lines.