Bright future ahead for vital island ferry service as Red Funnel deal completed

Under the terms of the landmark deal, debt is being reduced by more than 75%, placing the company on a sound financial footing and enabling Red Funnel to invest in new vessels and infrastructure.

Red Funnel, the original Isle of Wight ferry company with roots tracing back to 1820, has pledged to invest in fleet and infrastructure renewal which will seek to deliver a cleaner, lower-emission service that is optimised to suit the requirements of the island and support the visitor economy.

Red Funnel and Njord Partners say they will work together with customers, residents, staff and local stakeholders to implement long-term sustainable improvements to this historic service. The partners hope to “provide a reliable, punctual and friendly service on which island residents and visitors can truly depend”. This will include significant investment in terminals and infrastructure across East Cowes, Southampton and the Solent.

The companies have also committed to a fair and transparent pricing structure which will reward frequent travellers with deals and discounts.

Fran Collins, CEO of Red Funnel, said: “Securing the backing of Njord Partners gives Red Funnel the stability and confidence to progress with real ambition and renewed focus.

“Njord Partners brings trusted experts with strong experience in maritime, tourism and hospitality, and the team has a genuine understanding of the importance of this lifeline service. With their financial and operational support, we can now deliver the improvements that local residents and visitors rightly deserve. Our mutual objective is to deliver a modern, sustainable ferry service that the island can be proud of for years to come.”

Jakob Kjellberg, founding partner of Njord Partners said: “Red Funnel is a great company. The Isle of Wight is a great place to live and visit. Therefore, we are delighted to be the new owners of Red Funnel and to invest to create a platform for economic growth in the region, supporting both the local community and tourism. 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.”