The Sailing charity Jubilee Sailing Trust (JST) has announced that one of its subsidiaries has gone into administration after operating for nearly four decades.
The Jubilee Sailing Trust, as registered charity no. 277810, operates through its two subsidiaries, ‘Jubilee Sailing Trust Ltd’, and ‘Jubilee Sailing Trust (Tenacious) Ltd’.
‘Jubilee Sailing Trust Ltd’ owns STS Lord Nelson which was decommissioned in 2019 and they have been trying to sell it but without success, whereas Tenacious is owned and operated by ‘Jubilee Sailing Trust (Tenacious) Ltd’.
Principal trading and financial arrangements have been through ‘Jubilee Sailing Trust Ltd’, including the employment of their staff.
Despite raising an astounding £890,897 since April 2022, which allowed them to continue operating Tenacious and delivering their mission, and to make some progress with funds owed to trade creditors, they have been forced to make the difficult decision to enter ‘Jubilee Sailing Trust Ltd’ into administration.
This decision was made after one of their principal creditors threatened imminent legal proceedings to reclaim their owed credit.
With ‘Jubilee Sailing Trust Ltd’ now in administration, the assets owned by this company will be sold to generate funds for creditor repayment. Lord Nelson will be taken over by the administrators for this purpose.
Essential shore-based employees are being transferred to ‘Jubilee Sailing Trust (Tenacious) Ltd’ under the Transfer of Undertakings and the Permanent Crew, who are employed via an agency, will continue with ‘Jubilee Sailing Trust (Tenacious) Ltd’.
These actions mean that Tenacious will still be able to continue delivering their mission, which remains unchanged and anyone wishing to sail with Tenacious should book soon . . . the summer voyages have sold out for the last two years running.
JST Public Statement more here . . .
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