Official company accounts have confirmed that the sale of Red Funnel to investment firm Njord Partners has not yet been completed – despite previous announcements suggesting the deal had already gone through.
The 2024 Annual Report and Financial Statements for Southampton, Isle of Wight and South of England Royal Mail Steam Packet Company Limited – the parent company trading as Red Funnel – confirm that while an agreement has been reached for Njord Partners to acquire the business, the transaction remains subject to approval under the National Security and Investment Act (NSIA).
The report states that on 29th September 2025, an offer from a company controlled by Njord Partners was accepted to purchase the entire share capital of Red Funnel Limited, the group’s intermediate holding company. A Sale and Purchase Agreement has been executed, but the transaction will only fully complete once NSIA approval is received.
Until that approval is granted by the UK Government, Red Funnel continues to be owned by Red Funnel Holdings Limited.
The accounts reveal that Njord Partners is, however, already closely involved in the company’s financial oversight and has committed to providing or procuring financial support to ensure the business can meet its obligations for at least 12 months from October 2025.
In the same report, Red Funnel directors confirmed that lenders have waived certain requirements under existing bank loan arrangements and agreed not to take enforcement action until at least the end of October 2026. This provides additional financial headroom during the winter period and while fleet refit investments are undertaken.
The deal has already prompted political concern. Isle of Wight East MP Joe Robertson described the proposed sale as ‘a bad day for the Island’, urging the Government to intervene before any transfer of ownership is completed.
Alongside Labour MP Richard Quigley and Council Leader Phil Jordan, Mr Robertson wrote to the Maritime Minister calling for scrutiny of the sale, warning that private equity ownership could be bad for the Island and risk further price pressures on cross-Solent travel.
Odd that HM Gov can intervene to prevent a sale (to a UK-registered Company) but apparently can’t do anything constructive.
Meanwhile, it’s started: the winter Red Jet timetable is described as a “2-boat service” – in practice, able to be run with a single boat loitering (read: saving fuel) across in 30 mins with a 5 min turnaround, making for a non-clockface timetable guaranteed not to co-ordinate with trains etc.
More cost-saving measures to come, for sure, before Njord hands over any money.
Has anyone done any due diligence to see whether the WIght Group of bidders has any serious money?
Dead funnel absolute shit now so about to get worse..sounds like asset stripping jobs gone ships more broken..