Firm behind Jubilee Sailing Trust goes into administration

Tenacious, the tall ship the JST uses for its voyages

One of the companies behind a sailing charity that offers tall ship experiences to disabled people has gone into administration.

Southampton-based Jubilee Sailing Trust (JST) previously said it was facing financial difficulties due to the pandemic and the cost of living crisis.

The charity has now announced it has been "forced" to enter Jubilee Sailing Trust Ltd into administration.

Its tall ship SV Tenacious remains operational, the charity has stressed.

The JST has so far operated through its two subsidiaries, Jubilee Sailing Trust Ltd and Jubilee Sailing Trust (Tenacious) Ltd.

The decision to put the former into administration was made after one of the charity's principal creditors "threatened imminent legal proceedings to reclaim their owed credit", the JST said in a statement.

It added: "Every effort has been made to avoid this situation, including contacting all creditors to consider alternative repayment timeframes, or if they would be willing to forgive the funds owed to improve our balance sheet.

"We are grateful to those who were able and willing to assist us in this manner, however the debt forgiveness and the fundraising efforts combined were not enough to significantly change our position."

The charity said its principal trading and financial arrangements - including the employment of staff - had been through Jubilee Sailing Trust Ltd.

The charity allows mixed-ability crews the opportunity to sail on its tall ship 'Sailing Tenacious'

It is not yet known if the latest announcement will result in any job losses.

But in a statement JST also said essential shore-based employees were being transferred to Jubilee Sailing Trust (Tenacious) Ltd while the permanent crew were employed via an agency, whose contract would be continued with Jubilee Sailing Trust (Tenacious) Ltd.

"These transfers will ensure that Tenacious, her published voyage programme, and those who are booked to sail with her will not be affected by these changes," the charity added.

The JST last faced closure in 2019. It managed to raise £1m in five days following an emergency fundraising effort.

The charity, which began 44 years ago, previously said it had to raise an extra £1.2m by the end of September 2022 following this year's difficulties.

The JST has been approached for further comment.