“A BAD DAY FOR THE ISLAND” – MP SAYS GOVERNMENT MUST STEP IN OVER RED FUNNEL PURCHASE

Isle of Wight East MP Joe Robertson has said that the purchase of Red Funnel by another private equity firm is a ‘bad day for the Island’, and that ‘enough is enough’.

The cross-Solent operator has this week been purchased by Njord Partners, an international company that describes itself as being a provider of ‘flexible debt and equity solutions to companies facing complex situations’, as first reported by Island Echo yesterday afternoon (Monday).

After news broke that a local consortium’s bid to take over the ferry firm had been rejected for a private equity offer, concerns mounted over the future of the vital lifeline service.

As such, Conservative MP Joe Robertson, Labour MP Richard Quigley and Alliance Council Leader Phil Jordan wrote 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’.

However, before any action could be taken, the ship well and truly sailed, with the acquisition of Red Funnel coming as a surprise to the elected officials on Monday afternoon.

In response to the sale, Joe Robertson MP has said:

“This is a bad day for the Island. Yet another sale to a private equity group who exist for the “uncompromising pursuit of capital preservation” for foreign investors – their words not mine.

“They have not even had the courtesy of contacting local elected representatives to hear our concerns on behalf of Islanders before structuring this deal.

“While cross-Solent ferry connections are treated purely as a revenue generator for investors in an unregulated framework, Island residents and visitors will continue to pay over inflated prices.

“The Government must step in. Enough is enough”.

Njord Partners says it aims to deliver a reliable, efficient service that Islanders and visitors deserve.