NEWSSailing trust enters administration30/08/2022Save articleThe Jubilee Sailing Trust Ltd, subsidiary of The Jubilee Sailing Trust, has been put into administration.SHOW FULLSCREENThe Jubilee Sailing Trust Ltd, subsidiary of The Jubilee Sailing Trust has been put into administrationThe decision was made after a principal creditor threatened imminent legal proceedings to reclaim owed credit.The Jubilee Sailing Trust, a registered charity, operates through two subsidiaries – Jubilee Sailing Trust Ltd, and Jubilee Sailing Trust (Tenacious) Ltd.Jubilee Sailing Trust Ltd owns the decommissioned STS Lord NelsonThe Jubilee Sailing Trust (Tenacious) Ltd owns and operates the tall ship SV Tenacious and will remain trading with the Trust emphasising that Tenacious remains operational and will continue delivering the current voyage programme as planned.The Trust was badly hit during Covid and launched its Covid Recovery Campaign to raise funds to help it continue trading.Since April 2022 £890,897 has been raised, however the Trust says despite this support, the difficult decision to enter administration needed to be made.The Trust is attempting to sell Lord Nelson but says this is not possible within the timeframe given.The Trust has also carried out an organisational restructure and ongoing development review.Assets owned by Jubilee Sailing Trust Ltd will be sold to generate funds for creditor repayment and Lord Nelson will be taken over by the administrators for this purpose.Essential shore-based employees will be transferred to Jubilee Sailing Trust (Tenacious) Ltd.

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