NEW RED FUNNEL OWNERS PROMISE ‘RELIABLE, EFFICIENT SERVICE’ FOR ISLE OF WIGHT

The new owner of Red Funnel says it aims to deliver a reliable, efficient service that Islanders and visitors deserve.

As first reported by Island Echo earlier today, the cross-Solent operator has been purchased for an undisclosed sum by private equity firm Njord Partners.

Njord Partners was established in 2013 and manages capital in excess of €1billion. The company describes itself as being a provider of ‘flexible debt and equity solutions to companies facing complex situations’, and is dedicated to an ‘uncompromising pursuit of capital preservation’ and delivering ‘superior risk-weight returns to investors’.

Commenting on the acquisition, Jakob Kjellberg, Founding Partner at Njord Partners, has said:

“Red Funnel is a vital part of the Isle of Wight’s economy and community—a true backbone of the Solent and South UK region. This is a great company with a proud history and a dedicated management team at its core.

“We are excited to support Red Funnel’s next chapter, restoring its financial health and empowering its people to deliver the reliable, efficient service that islanders and visitors deserve.”

The news of another private equity firm with its hands on Red Funnel will not be welcome news for many, including the Island’s political leaders.

Conservative MP Joe Robertson, Labour MP Richard Quigley and Alliance Council Leader Phil Jordan had written to Maritime Minister Keir Mather asking him to step in on a proposed sale of Red Funnel, stating that a sale to a private equity group would ‘only be bad for the Island’.

The trio have said that private equity ownership and the introduction of dynamic ticketing on car ferries were a turning point for the deterioration of services and price hikes in recent years.

Island Echo has approached Njord Partners for further information on its plans for Red Funnel…