The Chief Executive of Red Funnel has said that rumours of the company possibly going into administration or bankruptcy are ‘categorically untrue’, stating that the company is in a ‘very strong position’.
In a letter to local stakeholders, Fran Collins has said that Red Funnel has an ‘ambitious future’, well beyond the investment process currently underway, and that the company acknowledges the requirement to provide a reliable service – something they are committed to doing so.
She has also said that the firm is fully focused on ensuring that it is properly funded to operate sustainably and responsibly for decades to come.
The spotlight has been on the cross-Solent operator in recent weeks due to the increasing unreliability of its Raptor-class vehicle ferries, tied in with a period of significant disruption in the months before handfor the hi-speed Red Jet service.
Ms Collins has confirmed that plans to replace the vehicle ferries with modern, more sustainable vessels are ‘progressing well’, with hopes that plans will proceed to the ‘next step’ by the end of 2024.
It’s previously been said that it could take between 4 and 5 years before new ferries are operating between East Cowes and Southampton – raising an eyebrow as to how well the current ferries will continue to operate between now and 2029.
Red Funnel says that its teams are working hard to improve reliability in the short-term and a number of initiatives are underway to improve the resilience of services.
Red Funnel in a very strong position? I reckon they’ve got islanders by the short and curlies. That’s a strong position in my book.
Untrue rumours, progressing well, next step, all very vague. She is hiding a lot.
If there has ever been a truer story of stealing a living Fran is up there with the best. If I had her run my company the way she runs RF she would have been sacked years ago. She’s incompetent in the job she does now and in her previous position. The stats say everything. I wouldn’t trust a word that comes from her mouth. She’s had to come out with this statement to attract investors. Unfortunately for her the ship has well and truly sailed. RF will be sold off with in the next year. I have no doubts in that and she will try and cling onto her job for dear life.
Perhaps the chief exec could consider giving up her huge bonus and put it towards some staff, save on canellations.
Why is this individual being paid bonuses when the core purpose of the company – to provide ferry services – is failing so badly on an every day basis? I hope the company goes bust and it is taken into public sector ownership so it can be run on a not for profit basis thereby reducing the prices and encouraging visitors to the Island who will spend money here.