Cllr Julia Baker-Smith shares this latest news on behalf of the Island Independents. Ed
The Island Independents have announced that they are actively pursuing a number of options for the acquisition of Red Funnel from insurance giant Prudential.
Following last week’s news that investment arm of Prudential are to sell Red Funnel the Island Independents have been working towards participating in a bid for the company in the interests of the Isle of Wight.
Discussions with Red Funnel underway
Island Independent leader, Julia Baker-Smith and her team met with Red Funnel directors Kevin George and Murray Carter last week to open discussions.
Julia said:
“We are currently speaking with a number of potential investors and Red Funnel directors to prepare to put forward a bid immediately after the forthcoming May elections.
“One of our first actions, if and when re-elected, will be to seek to participate with partners to acquire this vital route to the Island, for the Island.”
Baker-Smith: “Keep the Island pound on the Island”
The company will be sold as a whole, and if there is participation by the Island, one of the goals will be to protect the continuation of the existing management so that there is no disruption to the day to day running and no loss of expertise or jobs.
“This appears to be a sound financial investment having looked at nine years of accounts, and while this will require the appropriate scrutiny and diligence, it makes perfect sense that if we are to commit funds for investment, we should invest in infrastructure that truly benefits the island economy.
“Having agreed as a full council through the treasury management strategy to borrowing of £200M for investments on and off the Island and to raise revenue and support the long term financial future of the Island, it seems just the sort of opportunity we should be investing in – to keep the Island pound on the Island and protect the future of our key transport connections.”
Regeneration
Cllr Luisa Hillard, East Cowes, added:
“Another advantage is that this could give us the ability to influence the regeneration activities in East Cowes, and of the Marine Industrial Quarter.”
Mounting a credible offer
Julia continued:
“We intend to put our resources and efforts into mounting a credible offer alongside partners and investors with whom a community oriented bid would be compatible.
“Between now and May we will undertake the background work necessary so that if and when returned at the forthcoming elections our immediate priority will be to pursue the bid.”
Image: © Paul Brown
