Red Funnel, the Isle of Wight’s longest-serving ferry operator, begins a major new chapter today (Monday) after a deal to secure long-term investment was formally approved by the Government.
Under the terms of the landmark deal, debt is being reduced by more than 75%, placing the company on a sound financial footing and enabling Red Funnel to invest in new vessels and infrastructure.
Red Funnel and Njord Partners have committed to working closely with customers, Island residents, staff and local stakeholders to deliver long-term improvements. Their shared priorities include:
- Reliable, punctual and friendly crossings that local people can depend on year-roundFair, transparent pricing with improved frequent-traveller discounts
- Modern, seamless travel, including better digital systems and journey information
- Cleaner, lower-emission vessels designed around the needs of the Island and the visitor economy
- Investment in terminals and infrastructure across East Cowes, Southampton and the Solent
Fran Collins, CEO of Red Funnel, said:
“Securing the backing of Njord Partners gives Red Funnel the stability and confidence to progress with real ambition and renewed focus.
“Njord Partners brings trusted experts with strong experience in maritime, tourism and hospitality, and the team has a genuine understanding of the importance of this lifeline service. With their financial and operational support, we can now deliver the improvements that local residents and visitors rightly deserve. Our mutual objective is to deliver a modern, sustainable ferry service that the Island can be proud of for years to come.”
Jakob Kjellberg, founding partner of Njord Partners said:
“Red Funnel is a great company. The Isle of Wight is a great place to live and visit. Therefore, we are delighted to be the new owners of Red Funnel and to invest to create a platform for economic growth in the region, supporting both the local community and tourism. We are excited to build on the long legacy of this essential lifeline service, and work hard to improve the business performance and regain the trust of all stakeholders.”
Article continues below this advertisement
so, the same government minister who recently said “I know that residents on the Isle of Wight have suffered with the high cost, low reliability and poor frequency of cross-Solent ferry services for far too long”
has now agreed for yet another greed-based finance company to takeover Red Funnel…
They obviously have absolutely no intention of doing anything about it…
& I thought (obviously mistakenly) that, in respect of Greedy Capitalism, Labour were supposed to have a different attitude to the CONservatives & the likes of Reform… it seems not
Labour = wankers have done last 40 years..
Remarkable how such a short sentence doesn’t make any sense
At last,I hope the plans for the future are going to take place within a few months but we must be considerate to all the staff over the long period of time that this work will take.
“Debt is being reduced by more than 75%” means either that existing lenders have taken a bath (unlikely given who they are and the scale) or that Njord have bought equity at a helluva premium.
Expect some extreme short-termism.
Unbelievable!!!
Ye believe it when i see it..don’t hold your breath.
I know we’re small but Red Funnel own Hythe Ferry which has been shut for months. It’s killed the traffic we had from Southampton which benefitted all the businesses. Perhaps they might either sell it on to someone who cares or reopen it. But FFS do something.
” The proof of the pudding is in the eating”
So, the die is cast. Now we must hold Njord to account for how successful they are in delivering on the challenges they have identified. I will not be holding my breath.
Goodbye island life as we’ve known it. Everytime something like this happens a bit more if the island dies with it , unbelievable, so sad
Well, the Government have backed them. So that must be a good thing, right?
Lol. Don’t hold your breath Island travellers
I’ve been here long enough to have heard this before, and to date we have got older, untidy and unreliable ships that all need some serious work, or replacement. I’ve heard promises from owners, from government and anyone remotely connected to RF and all have turned to dust. We had a profitable reliable company that was bought for its revenue, then sold after being loaded with the parent companies debts and becoming almost unsaleable. So now the new company has taken on the debts never caused by RF and we have to believe that THIS time, things will be different.I wish Njord Partners well, and hope they will at least improve things before they start to load RF up with debt again, as they inevitably will because this is SOP for companies like this.
Unknown why they do not build a tunnel….. let the ferries be what they were intended for, sightseeing, day trips..
A tunnel does not need staffing.. so no sick days, no propellers, no gangways, no stairs…