New owner needed for tall ship

The 45m long ship is currently used for youth training voyages. With a steel hull, it can reach speeds of more than 10 knots and can sail anywhere in the world with all necessary equipment to sail in environmentally sensitive areas, such as the Arctic.

Steve Adshead, director of restructuring and recovery services, Smith & Williamson, explained: “Pelican was held in a limited liability partnership (LLP) rather than in a charity. Our job now is to pilot Pelican towards a new secure future, perhaps with a wealthy individual coming forward to buy the ship to retain the status quo, or to convert into a luxury yacht.”

Private investors who previously kept the ship afloat are owed almost £2.5m. However, it is now in the hands of shared receivers who need to find a new owner, with offers around £2.45m.

The receivers have stressed that the Weymouth based charity, Adventure Under Sail Ltd (AUSL), who operate the youth training voyages, is not affected by the search for a new owner, nor do they have any involvement in the vessel’s financial affairs.