New owners take over cross-Solent ferry operator

Njord Partners have become the new owners of cross-Solent ferry service Red Funnel

The take over of Isle of Wight ferry operator Red Funnel by investment firm, Njord Partners has been completed.

The ferry firm said the deal, announced in September, had successfully gone through after being approved by the government.

Red Funnel said it had reduced the company's debt by more than 75% allowing it to improve its service between Southampton and East and West Cowes.

The operator, which has served the island for more than 164 years, has struggled in recent years due to debt and also faced criticism over high ferry prices and unreliable crossings.

Chief executive Fran Collins said one of the commitments it had made with the new owners was to undertake a review of its fare structure.

She added that with the deal "taking the debt down," the company has "more money to invest in the business".

"Securing the backing of Njord Partners gives Red Funnel the stability and confidence to progress with real ambition and renewed focus,' she said.

Isle of Wight East MP Joe Robertson introduced the Ferry Services (Integration and Regulation) Bill in the House of Commons

The takeover comes after Isle of Wight East MP Joe Robertson introduced the Ferry Services (Integration and Regulation) Bill in the House of Commons in November.

It would bring boat routes throughout the country more in line with railways and buses.

He said that travellers are "tired" of paying "rip-off prices" for ferry travel to and from the island.

The private member's bill is unlikely to become law without government support but the Department for Transport said it recognised the "vital importance" of ferry services in connecting island communities.

Njord Partners also operates Valiant Pub Company, Ambassador Cruise Line, and Geoquip Marine.

Founding partner Jakob Kjellberg said: "We are delighted to be the new owners of Red Funnel.

"We are excited to build on the long legacy of this essential lifeline service, and work hard to improve the business performance and regain the trust of all stakeholders."