Manx National Heritage (MNH) is still committed to redeveloping the island’s Nautical Museum despite raising only a third of the funds needed.

Minister for Enterprise Tim Johnston confirmed plans to revamp the Castletown attraction had not been abandoned.

Redeveloping the Nautical Museum would see Peggy - the world’s oldest schooner - return to its hometown in Castletown. It has been under conservation since 2015, when it was removed from the museum cellar.

In a written Tynwald question, Arbory, Castletown and Malew Jason Moorhouse asked the Minister what plans there are to update the Nautical Museum and have initial plans for the redevelopment been amended.

Mr Johnston said: ‘MNH remains fully committed to a major redevelopment of the Nautical Museum to create a transformational new visitor experience for the island, subject to securing sufficient funding.

‘MNH submitted a funding bid for the Nautical Museum’s transformational regeneration project to the Economic Strategy Fund in 2024.

‘The bid was unsuccessful and the Economic Strategy Board (ESB) were not able to support the total sum requested (£4m), to enable the project to proceed. The total project cost at that time was £6.13m.

‘It was suggested that MNH could re-submit a future bid for this project when a far greater proportion of the overall project cost had been secured from other funding sources.

‘At the time of the ESB bid submission, MNH noted that £2m of independent funding contribution was in place to support the project.

‘MNH continues to seek possible funding opportunities and support from both on and off island.’

The plans involve a new boat hall specially built within the courtyard next to the current site, as well as bringing old buildings around the site back into use.

MNH had hoped to begin work in January 2024 and the complete the scheme by December 2025 but funding issues have delayed matters.