In 2007, Waterman became involved in a co-operative UK rail industry bid to create a national railway training scheme under the then Labour government, which after the Government seed funding was withdrawn from all such schemes, was halted in 2009. Waterman revealed in 2011 that he had since spent £900,000 of his own money on training apprentices at Crewe, and that outside Network Rail's own scheme, only 37 apprentices had been taken into the rail industry in 2011. In January 2015, Waterman announced the sale of the bulk of his model railway collection, to fund the training of rail apprentices in restoring his steam locomotives 5224 and 5553, which in May 2015 were moved from Crewe to Peak Rail. In April 2015, the collection sold for £627,229 at the auction in Birmingham, West Midlands. In July 2015, in partnership with rail engineering firm OSL, Waterman launched the Railway Exchange Training Academy (RETA) at Crewe.