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Looks like the Vulcan Group are on the cusp of throwing in the towel after a very commendable and hard-fought three and a half years:
Dear Supporters and members of the public,
In light of the significant shortfall in the current funding appeal closing at the end of this month, I write to inform you that following discussions this week with the Chairman and Vice Chairman of the Trust, I have been asked to convene a meeting of the Board of Trustees for Wednesday 25th May. At that meeting, the Board will review the financial standing and forecasts of the Trust and agree the options available to us.
I am delighted with the progress made in recent months towards securing a much brighter financial future for XH558 at Robin Hood Airport.
However, we are currently paying out rather more money each month than we are receiving. With the current appeal stalled, the cash reserves raised in this and previous appeals have dropped to a level which will sustain our operation for just a few more weeks. As the result, the Board are obliged by law to discuss and agree the way forward.
XH558 has now flown for three-and-a-half more years than anyone ever expected, through the sheer hard work and determination of many, the support of key companies, but above all, with the many thousands of kind individual donations from you – the members of the public.
As the custodians of XH558, the Board will reach the best decisions for her long-term future, but the need to conserve cash now casts doubts about her current flying plans, and the costs of keeping her airworthy.
We continue to put all our resources, and those of the Board, into seeking solutions. Specifically, we are searching for “White Knights” who could bridge the financial gap we see until the new revenue streams at Robin Hood commence in the autumn.
We will write again next week, detailing the conclusions of the Board meeting and the decisions made as a result.