Being relatively local, I went to see this boat today.
Untouched for 20 years. It is indeed a GRP hull which looks in very good condition. The side decks have suffered though and will need to be replaced - foredeck and transom would scrub up in my view.
There was some optimistic infilling of the rear quarter with foam which would need to be removed, apparently some also in the front bouyancy tank.
All other parts are present including a Proctor gold mast and boom, complete rudder, some random sails, and an old trailer which had new tyres 15 years ago but the state of roadworthyness is unknown.
The people letting her go are lovely and they are keen to see Hobbit re-homed before mid-December.
There are pictures of a sister ship on the Merlin Rocket Revival Fleet Facebook page - search 'GRP' and scroll down to the post about Tumbler.