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The Duke of Sussex attended the event, held at the London Hilton on Park Lane, to honour Mr Stott for completing the Pan American Cycling Challenge, which saw him cycle across North and South America in world record time.
After being inspired by his friend Prince Harry, Mr Stott took up the challenge in a bid to raise money for the eight mental health charities supported by Heads Together, a partnership founded by the Duke of Sussex and his brother, the Duke of Cambridge.
The Heads Together partnership was launched by Prince Harry and UK Defence Secretary Sir Michael Fallon, which aims to improve the mental health of current and former Armed Forces personnel.
Heads Together collaborates with other military mental health charities and organisations, to take the away negative stigma surrounding mental health and enable servicemen and women to come out and talk about their mental wellbeing.
Mr Stott smashed two world records, after cycling 13, 670 miles in 99 day, 12 hours and 56 minutes, breaking the previous set record by 18 days.
He also became the fastest man to cycle the length of South American in 48 days and 54 minutes, starting from the tip of Argentina all the way to Alaska.
During his journey, Mr Stott encountered a pack of dogs, had bison gallop while by his side and even witnessed a polar bear.
In 2007, the former special forces solider trained with the Duke of Sussex for six weeks in the military, and the pair have been close ever since.
They have both raised up to £500,000 for the charity partners of Heads Together, also supported by Harry’s brother, the Duke of Cambridge.
Mr Stott left the armed forces following a parachuting accident that left him with a knee injury, leaving him unable to continue training in the military.
His mental well-being slowly deteriorated, as he attempted to transition from gruelling military training to daily life routines.
But soon, he found that exercise became a good therapy tool for him.
While Mr Stott was completing his challenge, three of his comrades took their own lives, unveiling the severity of mental health issues suffered by veterans.
Mr Stott previously said: “For me, when I had my injury, I was in quite a dark place, I was snappy and moody, but when I then got into cycling I found an activity and the link that physical activity helps your mental state.
“Myself and Harry do stuff with other military charities, so when I told him about what I was doing, this was in April 2016 when Heads Together was in its infancy, he said would I mind doing it for this campaign and I said ‘no, it’s the perfect fit’.”
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