The former Portuguese cruise liner, MV Funchal, is set to be disposed of after current owners Signature Living falls into administration.
The ship – which has been laid up outside Lisbon since former operator Portuscale Cruises seized operations in 2016 – was going to be used by Signature Living as a party boat moored in Liverpool.
The vessel was bought in 2019 for £3.9 million and bold plans were unveiled showing how the ship would be transformed into a 632-bed floating hotel and beach club that would travel from Liverpool to the party resorts of Ibiza, Marbella and Majorca.
Back in December 2019, Signature Living scrapped plans entirely for the ship, as well as an alternative plan to moor the ship in the UK as a floating hotel. Signature Living tried to sell off Funchal to potential buyers in early 2020, but talks amounted to nothing.
A recent report has revealed the ship is to be disposed of after Signature’s parent group fell into administration owing a huge £113 million to its creditors. Owned by Lawrence Kenwright, Signature Living is his sixth company to fall into administration. The company also managed 60 hotels and residential developments.