Condor Ferries signs 10-year operating licence

Condor's new licence will run until 2024

Condor Ferries has signed a 10-year licence to run ferry services between Jersey, the UK and Guernsey.

The non-exclusive agreement with Jersey Ports allows the company to operate passenger, vehicle and freight services until 2024.

Condor says the agreement means it can invest in a new, larger fast ferry at a cost of £50m.

Guernsey's government has also agreed to extend a "memorandum of understanding" with Condor until 2018.

Jersey officials have negotiated a get-out clause that comes in after seven years if services are not running as expected.

Senator Alan Maclean, the Economic Development Minister, has previously said other ferry operators were welcome, but would have to provide the same level of service as Condor.