The Morwellham and Tamar Valley Trust, which operates the Morwellham Quay attraction in Devon, has entered administration after failing to secure additional funding.

Devon County Council (DCC) has already refused to use any more public money to bail out the attraction, which was rescued by the council from the threat of insolvency three years ago. Nigel Morrison and David Matthews of financial advisors Grant Thornton have now been appointed as joint administrators of the Morwellham and Tamar Valley Trust, following discussions between the trust, DCC and its principle creditors, West Devon Borough Council.

Morwellham Quay is set to remain open until the end of October before it closes for winter maintenance, at which point the administrators will carry out a review of the site's needs in a bid to preserve the attraction. A statement from the trust said: "Although specific asset sales may be considered by the administrator, the administrators will seek a way to preserve as much of the site as possible.

"This will seek to ensure that the Trust's obligations to its stakeholders, including the Heritage Lottery Fund, the Tamar Valley AONB and the World Heritage Site for the Devon and Cornwall Mining Landscape are fulfilled."