Canal bike (discarded)

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We walked past this tonight at the canal workshops on the Trent and Mersey canal. Mostly rust, I was amazed that there was any paint left on it! The spokes have been cut off although the front wheel is still in place in its forks. One side of the handlebars has broken off completely. I wonder how it got in the canal? Was it stolen, was it thrown in because it could not be repaired? And was it dredged out of the canal or did a fisherman catch it by accident?

We will never know. Its not restorable so no doubt it will end up down the tip. Perhaps it will be melted down and turned into another bike frame.