Vectis Ferries has written to the Secretary of State for Transport, Heidi Alexander MP, calling for formal engagement on the future of Red Funnel’s lifeline ferry services to the Isle of Wight.
The company, which is backed by several former Red Funnel executives and Island-based maritime figures, has urged the Government to review all viable delivery options before any sale of Red Funnel Group to Njord Partners is completed.
The proposed sale is currently under review under the National Security and Investment Act 2021 following an 18-month sale process, during which Red Funnel’s business plan did not secure support from multiple potential investors and operators.
Vectis says the current buyer, Njord Partners, is a turnaround and distressed-asset investor with no confirmed plans for fleet renewal.
In a letter dated 30th October 2025, Vectis warned that the Isle of Wight’s ferry services risk stagnation without a long-term commitment to investment.
The letter states that Njord Partners “have no immediate plans for the much-needed re-investment in new ferries”, adding that “there is no clear solution for the Island for the immediate future”.
Vectis claims that Njord’s investment model is based on short-term restructuring rather than the sustained infrastructure renewal that the Isle of Wight requires. The company also raises concerns that Red Funnel’s existing £120million debt burden remains unresolved and could continue to limit investment.
The consortium says it has developed a fully costed, Island-centric alternative that would deliver a 30-minute crossing time and a 30-minute timetable, creating faster and more frequent services. The plan is said to align with Government transport priorities, including the move to net zero, digital enablement, and long-term resilience.
A spokesperson for Vectis has said:
“The decisions taken now on vessel replacement and service design will determine the Island’s economic prospects for a generation. It is essential that long-term service reliability and investment are prioritised over short-term restructuring outcomes. Islanders need clarity, resilience and a clear plan for the future.
“Red Funnel has changed ownership multiple times over 25 years without a corresponding programme of fleet renewal. That short-term investment cycle cannot continue. We are requesting the opportunity to present our plans to Ministers before any transaction reaches completion. This is a strategic decision for the Island’s connectivity, economy and resilience.”
Patrick Seely, Peter Morton MBE, Kevin George, Graham Barnetson and James Walton jointly signed the letter, all of whom have extensive experience in ferry operations, shipbuilding, and transport finance. In fact, Kevin George was previously the Chief Executive of Red Funnel.
The group says its proposal focuses on reinvestment in new tonnage, long-term capital commitment and increased Island-based employment, rather than private equity-driven short-term returns.
They have requested a meeting with the Department for Transport to present their plans in full before any decision on the Red Funnel transaction is finalised.
Vectis also reaffirmed its support for the Isle of Wight’s MPs and local leaders who are seeking a statutory governance framework to ensure accountability and reliability in the Island’s lifeline ferry services.
sounds like vectis are bitter losers
I think we know who the losers are going to be – again.