Harry Needle Railroad Company (HNRC)which repairs and hires locomotives is investing around £6 million in development and operations on the twelve-acre site off Babbage Way with plans to create 45 new jobs.
HNRC is also looking to set up a future apprenticeship scheme which could eventually cater for around 60 apprentices.
When fully operational the former Wagon Repair Depot site, which was run by DB Schenker will be able to take 20 locomotives a week for repair, refurbishment and maintenance.
The site has been vacant since 2015 when the rail freight company announced it would be cutting 234 jobs including the Worksop depot.
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HNRC have been supported by the Sheffield City Region Growth Hub Access to Finance team to obtain funding from the Rail Supply Growth Fund.
Bassetlaw District Council will work with HNRC with a dedicated team in place to support the company realise its ambitions for the site.
Harry Needle, Managing Director of the Harry Needle Railroad Company said: “Acquiring the Worksop Wagon Repair Depot means that we have fulfilled our aspiration in owning our own large scale depot.
“We now have a 12-acre site that is perfect for our needs and will allow us to significantly expand our operations.
“We are looking to create new rail jobs in Worksop and will be working with the council and other partners to look at creating an apprenticeship programme in the future.”
Coun David Pidwell, cabinet member for Transport and Infrastructure at Bassetlaw District Council said: “I am delighted to welcome the Harry Needle Railroad Company to Worksop and its fantastic that the Wagon Repair Depot site will be bought back into use.
“Having met with Harry and his team and heard the plans for Worksop, there is very significant investment going into the site, with new jobs created and scope for apprenticeships in the future.
“As a council we will look to support HNRC in realising their ambitions for the site.”