Historic tall ship Lord Nelson goes to auction to repay charity’s debts
The tall ship Lord Nelson is being offered for sale by the global advisory and investment firm Gordon Brothers, acting on behalf of Richard Lewis and Sarah O’Toole, the joint administrators of Jubilee Sailing Trust Limited.
Jubilee Sailing Trust was forced into administration in 2022, after one of the charity’s principal creditors ‘threatened imminent legal proceedings to reclaim their owed credit’, JST says.
JST has been facing financial difficulties for many reasons, which intensified during the pandemic. JST held an online auction in June 2022 after it’d let troubled donors withdraw donations the month before. But even before that, as reported in MIN, there were questions being asked about what really happened in JST’s £1million appeal.
The charity had hoped to agree the sale of Lord Nelson to repay its debts, but says this was not possible during the timeframe available. Proceeds from the auction will now be used to generate funds for creditor repayment.
Lord Nelson was built in 1985 and is the first tall ship in the world designed to accommodate personnel of all physical abilities to sail alongside the ship’s crew. The tall ship includes accessible toilets, a speaking compass, braille and a power-assisted bridge.
“Lord Nelson is back on the market and presents a fantastic and rare opportunity to acquire a vessel through an online auction within the international marine markets,” says Simon Bamford, director, commercial & industrial at Gordon Brothers. “This historic and renowned training ship accommodates any individual who sails and has circumnavigated the globe and sailed at various races and regattas.”
The online auction ends on 30 June 2023 at 2pm, with the opening bid set at £150,000.
