I have found a reference in Peter E Baughan's book "The Midland Railway North of Leeds" which might be pertinent here. I quote:
On August 14, 1890, a new and potentially dangerous company — the North West Central Railway—had appeared with an Act empowering it to make a series of thirteen railways connecting Preston, Whalley, Colne, and Keighley. In effect the latter portion was to leave the G.N.R. south of Keighley by a triangular junction and run north-west towards Colne where spurs made junctions with the L.Y.R. East Lancashire line, and the Midland's Skipton—CoIne branch, the main N.VV.C. line continuing on to Whalley. It was another of those schemes which had appeared from time to time with a novel route and which hoped to gain a backer later. It would appear from the Act that the company had close associations with the Manchester Sheffield & Lincolnshire and West Lancashire Railways, for working and maintenance powers were permitted to the two companies; running powers were also granted over the West Lancashire line into Preston station.
(End of quote).
Perhaps it was in reaction to this that the Midland proposed the line from the Worth valley to Colne.
https://discovery.nationalarchives.gov.uk/details/r/fdd87f5d-023a-4f09-8d96-5ab449d62093
https://discovery.nationalarchives.gov.uk/details/r/C993123
Regards
David