The Swan had several different owners after she arrived in Grimsby in 1960. She ended up in Hartlepool in 1982 and lay there neglected for some time sinking two or three times due to lack of care.

A local businessman, Keith Parkes, realised even though she was lying submerged with only her masts showing that she was a classic vessel. He bought her in 1989 and began to restore her with the intention of sailing her back to Lerwick again.

He soon realised the restoration was taking up more time than he could allow due to business commitments and offered her up for sale.

His advertisement in The Shetland Times attracted the attention of local navigation teacher, Tom Moncrieff, a keen yachtsman and expert on all aspects of Shetland's maritime heritage and also the owner of several classic boats. He wrote a letter to The Shetland Times to encourage funding be sought to buy her and bring her back to Shetland to be restored and used as a living museum and sail training vessel. He ended his letter by saying, "There will never be another Swan". It was true. From the thousands of vessels of her type that fished the waters around Shetland she was the last of them. His letter struck a chord with like minded enthusiasts and all the interested parties were brought together by Mr. Moncrieffs son, Jimmy.