ISLE OF WIGHT GREENS RAISE ALARM OVER RED FUNNEL’S NEW OWNERSHIP

The Isle of Wight Green Party is pressing for Government intervention and regulation to protect a vital cross-Solent transport route, as Red Funnel is sold to yet another private equity firm.

As first reported by Island Echo yesterday (Monday), Njord Partners has acquired Red Funnel, with CEO Fran Collins describing the news with ‘delight’.

However, since the news broke, Google searches on the international private equity firm and their owners, Arvid Trolle and Jakob Kjellberg, have caused some concern amongst Islanders. Links have emerged with controversial Shadow Minister Priti Patel, Russian oligarchs and conspiracy theories.

The Green’s Vix Lowthion has said:

“I was deeply alarmed at the news that yet another private equity firm has acquired Red Funnel – mining the pockets of skint islanders to extract maximum profit for themselves. I was even more disturbed to read The Telegraph reports that Red Funnel’s new owners are the primary investor in RETN Capital – who have received contracts from Russian state entities which have been sanctioned since the war in Ukraine.

“The Labour government must step in, investigate whether this company is ‘fit and proper’ to run such a vital public service, and take urgent steps to formally regulate cross-Solent travel as an essential public service run for the needs of the island, not for private profit.

“Successive governments – Conservative and Labour – have utterly failed the Isle of Wight when it comes to our lifeline ferry services. What will it take for them to finally understand that we are not a slush fund for private firms with dodgy links to treat us as they feel fit? We need regulation, and we need it now.”