Thomson and Weston Families Secure Hudson’s Bay Charter for $18M

UPDATE: In a stunning turn of events, the Thomson and Weston families have successfully secured the historic Hudson’s Bay charter with a sole bid of $18 million. This crucial document, dating back to 1670, is set to be donated to four prominent museums, ensuring its preservation for future generations.

The bid was placed during an auction held on December 3, 2023, as part of the Hudson’s Bay Company (HBC) insolvency proceedings. No other bidders emerged, leaving the Thomsons and Westons as the uncontested winners. Their immediate plan is to donate the charter to the Archives of Manitoba, Manitoba Museum, Canadian Museum of History, and Royal Ontario Museum. In addition, the families have pledged an extra $5 million to aid in the charter’s preservation and public accessibility.

This auction marks a significant moment in Canadian history, as the charter represents King Charles II’s grant of control over one-third of modern Canada, laying the groundwork for colonization. The families’ commitment to donating the charter to public institutions ensures that it will remain accessible to all Canadians.

The decision to unite for a joint bid took months of coordination between the Thomsons and Westons, two of Canada’s wealthiest and most influential families. The Thomsons, known for their media empire, previously held a controlling stake in HBC, while the Westons are recognized for their association with grocery giant Loblaw and department store Holt Renfrew.

Thomas Caldwell, a former governor of the Toronto Stock Exchange, remarked on the significance of the families’ cooperation. “The goal was to have the charter remain in Canadian hands in a museum here. Given the Westons and Thomsons are cooperating to do just that, then the goal is achieved,” he stated.

The auction had its complexities, as HBC initially planned to sell the charter through Heffel Fine Art Auction House. However, this changed when the Westons made a preliminary offer of $12.5 million. HBC was prepared to accept that offer until the Thomsons expressed interest, stating they would begin bidding at $15 million if the auction proceeded.

A mystery bidder’s unsolicited offer emerged just before the court hearing, which turned out to be the joint Thomson-Weston bid. With no other contenders stepping forward, the families became the de facto winners of this historic artifact.

In the wake of HBC’s financial troubles, which resulted in a debt of over $1 billion and the closure of all its stores, the auction served to alleviate some of the company’s burdens. The sale has been viewed as a positive outcome amidst challenging circumstances, allowing a cultural artifact of immense importance to remain in public hands.

As the deal awaits court approval, stakeholders are optimistic about the preservation of the charter and its significance to Canadian heritage. The collaborative effort by the Thomson and Weston families, along with future support from the Desmarais Family and Power Corp. of Canada, underscores a collective commitment to Canadian history.

Expect to hear more updates as this story develops, including details on the court approval process and the charter’s future exhibitions at the designated museums. This moment not only marks a victory for heritage preservation but also showcases the power of collaboration among Canada’s elite families.