News
A saviour for Ryde
22 August 2009
The owners of PS Ryde, Island Marine Holdings, have gone into receivership, apparently with debts well in excess of their assets. The administrators are of course obliged therefore to seek to secure the best price for all the assets, which include the Paddle Steamer Ryde.
The PS Ryde Trust, a not-for-profit company limited by guarantee, is on the brink of establishing itself as a charity with the aim of restoring the vessel back to full working order and run her as a tourist vessel.
Despite her appearance, King Marine of Lymington have examined the ship and are confident that the Trust's vision could be achieved if the funding can be found. It will involve repairs to the frame, plating over the hull and removal of the rusted superstructures, etc. and the full restoration is estimated at £7 million. King Marine have produced a plan for preparing the vessel over a six month period for moving. The Trust believes it will need an additional six months to raise the funding. During this time, mooring fees - estimated at £1,000 a month - will have to be found. A further complication is that the ship currently rests in a Site of Special Scientific Interest.
The PS Ryde Trust has approached the administrators with an offer, which has been put to the principal creditor. However, the Trust believes that another body has also put in a bid - simply to secure the engine and allowing the hull to be scrapped. Without the engine, the Trust does not consider the vessel worth restoring and the Ryde, veteran of the D-Day landings, will be lost.
By co-incidence, the father of the owner of King Marine, the late Judge Michael King, served on HMS Ryde during the war.
