Incorporated on 8th August 1878. Formed to take over the Narberth Road and Maenclochog Railway and extended its line to Fishguard, a 14 mile route. The company was re-named the North Pembrokeshire and Fishguard Railway in 1884. Having not completed the work proposed, it was purchased by the Great Western Railway in 1898, to avoid the London and North Western gaining access to the Fishguard port.
Capital £90,000 in shares of £10 each. Loans of £30,000. New capital of £50,000 raised to purchase the Narberth Road and Maenclochog line