News on the sale of Red Funnel to Njord Partners is confirmed. Lindsey Wyld has more information. Ed
Red Funnel, the Isle of Wight’s longest-serving ferry operator, begins a major new chapter today (Monday 1st December) 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 per cent, placing the company on a sound financial footing and enabling Red Funnel to invest in new vessels and infrastructure.
“Committed to working closely with customers”
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-round
- Fair, 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
Collins: Njord Partners brings trusted experts with strong experience in maritime, tourism and hospitality
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.”
Kjellberg: Red Funnel is a great company
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.”
