 The M&MR was opened throughout from Pencader to Aberystwyth on 12 August 1867; at Pencader it connected with the Carmarthen and Cardigan Railway.With debt on interest mounting up, the M&MR leased its line for 999 years to the Great Western Railway in 1905 and sold the company to the GWR in 1911.Also in 1860, David Davies proposed a line from Pencader (where the Manchester and Milford and the Carmarthen and Cardigan lines joined one another) to Aberayron by way of Lampeter, but nothing came of this scheme.