A British fishing boat that was 'held hostage' by the French authorities after allegedly operating without a licence has been reportedly released.

The Lady T, based in Eastbourne, East Sussex, was held in Boulogne-sur-Mer, at risk of confiscation, after being intercepted by the Pluvier, a French Navy Ship, on Thursday.

Now, a court source in Boulgone-sur-Mer has confirmed that the historic 10m long vessel, named after former Prime Minister Margaret Thatcher, has been released, the Daily Telegraph has reported.

The catamaran's skipper, who appeared in court in Boulogne-ser-Mer on Monday afternoon, has allegedly been forced to pay a 'substantial fine' for the boat's release, according to sources.

While the exact fine issued remains unknown, previous reports have suggested that the skipper could be paying up to £63,000 for 'non-authorised fishing in French waters' by a non-EU boat.