As well as news circulating at the weekend that the investment in Isle of Wight ferry company Red Funnel is looking to be sold on by M&G Investment Management, came rumours of a land deal.
It had been suggested that a deal was signed last week by Red Funnel for the purchase of Venture Quays and Trinity Wharf – ahead of full planning permission (plan a) and prior to the sale of the company.
Contracts already exchanged
However, a report produced by Red Funnel outlining plans for the new Solent Gateways (Southampton and East Cowes) makes clear that contracts have already been exchanged.
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Transaction “subject to planning approval”
OnTheWight got in touch with Red Funnel to clarify the situation. A spokesperson for the company confirmed to OnTheWight,
“We exchanged contracts for the purchase of Seaholme Yard and Trinity Wharf during 2015.
“Completion of the transaction is subject to planning approval.”
Planning Appeal with Inspectorate
The public consultation of the Appeal being considered by the Planning Inspectorate closed last week.
Red Funnel confirmed that ‘in broad terms’, if the Inspectorate approve the application, the sale contracts could be completed.
