Two prominent Canadian families have successfully acquired the historic royal charter that established the Hudson’s Bay Co. The Ontario Superior Court has granted approval for the sale of the 355-year-old document to entities owned by the Thomson and Weston families for $18 million.
Following the acquisition, the families intend to donate the charter to various institutions, including the Archives of Manitoba, the Manitoba Museum, the Canadian Museum of History in Gatineau, Quebec, and the Royal Ontario Museum. This significant document, issued by King Charles II on May 2, 1670, played a pivotal role in granting HBC control over a substantial portion of present-day Canada during the country’s early colonization period.
The auction of the charter arose due to Hudson’s Bay’s filing for creditor protection earlier in the year, leading to the closure of all its retail stores. The approval of the charter’s sale by the court marks the conclusion of a complex process that has occupied HBC’s legal and financial teams for an extended period.
The Thomsons, known for their media ventures, and the Westons, prominent figures in the grocery and retail sectors, emerged as the sole bidders in the auction. Their joint bid of $18 million was eventually approved by the court, securing the charter’s ownership.
Reflect Advisors, the financial consultants of HBC, reached out to numerous potential bidders but found no other parties willing to surpass the Thomson and Weston offer. Consequently, the families’ bid was accepted as the winning proposal.
The charter’s future involves a collaborative effort between the Thomsons, Westons, and various stakeholders to ensure its accessibility to the public. The document will undergo examination by the Canadian Conservation Institute to evaluate its condition before any transfer or display plans are implemented.
In a bid to maintain public access and preservation of the charter, the families have pledged $5 million towards future initiatives, with additional support promised by other benefactors such as the Desmarais family, Power Corp. of Canada, and the Hennick Family Foundation. Plans include creating a website to showcase the charter, organizing educational events, and rotating exhibitions among the custodial institutions designated to safeguard the document.