All Leisure Group has sold its 43-year-old, loss-making cruise ship Discovery to Liberty Resources of Nassau for $5 million.

The group said in February that it had written down the value of the ship to approximately £9.9 million and planned to dispose of it at the end of the summer.

“Although the consideration received is less than the current book value of the vessel, the board’s decision to sell MV Discovery to Liberty also took into account the absence of the future liabilities and other uncertainties associated with many other bids,” the company said.

All Lesiure said that several higher indicative offers were made but had weaker cash flow profiles, which would have affected the prospect of staged payments over several years.

“It was the board’s considered view that is was therefore in shareholders’ best interests to accept the lower cash offer in full and final settlement,” it said.

The losses attributable to Discovery for the year ended October 31, 2013, were more than £3 million.

The group also announced that Kevan Witts has been appointed to the role of interim group financial director as it commenced a search for a permanent to replacement for Chris Gadsby who has stepped down.

The company said it will provide a further update on current trading for the financial year ending October 31 at the end of November.

“This will include an assessment of the financial impact of the cruises to Ukraine and Crimea,” it said.