Some fantastic news to end the financial year on!
As long standing supporters of the Jubilee Sailing Trust will be aware, we had to borrow £4m in order to complete the building of Tenacious in 2000. Since then, the Trust has been challenged to repay these funds.
We are delighted to announce that after a significant and concerted effort in the past year, this mortgage was paid down today and the Trust is now free of bank debt for the first time in 17 years!
We would like to thank all of our supporters for helping us achieve this exciting milestone. We would also like to thank JC Newco (a Cator family business) which has very generously agreed to forgive our debt to them of £850,000 to mark this important occasion.
These two events, in combination, will significantly improve our balance sheet and provide a strong foundation to further improve our financial health when the new financial year starts next week.
Please join us in celebrating this brilliant news!