The Paddle Steamer Preservation Society and the Ownership and Management of PS Waverley, PS Kingswear Castle and PS Maid of the Loch
This note explains the relationships between the different charities and companies.
The legal structure has been developed to create managerial and financial separation between the various companies. It creates clarity about the respective responsibilities of each constituent part and minimises the possibility of any difficulties incurred by one impacting on the others.
Paddle Steamer Preservation Society (PSPS) is a charity and a limited company which exists to preserve one or more paddle steamers, preferably in sailing condition, to educate the public in the historic importance of paddle steamers and to create, manage and display items associated with these ships. Its members pay their subscriptions to belong, with other funds coming from legacies and donations. There are five geographical branches. The PSPS is run by the Council of Management (in effect its Board of Directors) of up to 21 members. There are five geographical branches, each run by a Branch Committee. The members and the Branch Committees appoint most of the Council of Management. Although PSPS has provided substantial funding for PS Waverley and PS Kingswear Castle, usually for specified purposes, it does not as a matter of policy involve itself in their management.
Waverley Steam Navigation Co Limited (WSN) is the legal owner of PS Waverley. It is also a charity and a limited company. The PSPS holds 65% of its shares (a controlling interest) and has the right to appoint two directors. Similarly, WSN may appoint two members of the PSPS Council – currently there is only one, Lawrie Sinclair. As a matter of policy, PSPS will not normally exercise its controlling interest. PS Waverley is operated by Waverley Excursions Limited, which is a wholly owned subsidiary of WSN. The PSPS has the right to appoint two Directors of WEL. The current PSPS appointees to the WSN and WEL Boards are John Megoran and Paul Semple (WSN only).
All enquiries relating to the ownership and operation of PS Waverley should be addressed to Waverley Terminal, 36 Lancefield Quay, Glasgow, G3 8HA or telephone 0141 243 2224 or email to firstname.lastname@example.org.
Paddle Steamer Kingswear Castle Trust Limited (PSKCT) is the legal owner of PS Kingswear Castle. It is also a charity and a limited company. The PSPS holds 83% of its shares (a controlling interest). PSKCT may appoint two members of the PSPS Council – currently there is only one who is John Megoran - and PSKCT has agreed that PSPS may make reciprocal appointments. As a matter of policy, PSPS will not normally exercise its controlling interest. PS Kingswear Castle has been placed on a long-term charter expiring in 2027 to Dart Pleasure Craft Limited (DPC) which is operating the steamer at Dartmouth. DPC is a wholly owned subsidiary of Dart Valley Railway PLC (DVR). The PSPS has a nominal shareholding in DVR. No single shareholder controls DVR. DVR and DPC use the trading name of Dartmouth Steam Railway and River Boat Company (DSRRB) and are commonly referred to as 'the Dart Company'.
All enquiries relating to the operation of PS Kingswear Castle should be addressed to Dartmouth Steam Railway, Queens Park Station, Torbay Road, Paignton, TQ4 6AF or telephone 01803 555872 or via their web site here.
All enquiries relating to the ownership of PS Kingswear Castle should be addressed to PSKCT by email to email@example.com.
PS Maid of the Loch is owned by Loch Lomond Steamship Company (LLSC) which again is a charity and a limited company. As the initial funding came from local government, the PSPS has no control over LLSC but it has contributed funds over many years. In recognition of this, PSPS and LLSC may each appoint a director to the other’s Board. The current LLSC appointee to Council is John Beveridge but there is at present no Council appointee to LLSC.
All enquiries relating to the PS Maid of the Loch should be addressed to Loch Lomond Steamship Company, The Pier, Pier Road, Balloch G83 8QX or by email to firstname.lastname@example.org.