The Isle of Wight’s ferry operator Red Funnel has been sold to the UK-based investment firm Njord Partners, marking what bosses are calling an “exciting new chapter” for the company.
The company which has operated the Isle of Wight ferry for over 164 years but faced financial challenges over the past five years, has been acquired by the investment manager, the UK-based company Njord Partners noted on Monday.
The new owners say the takeover will give the company a stronger service footing, paving the way for improvements and a better experience for Red Funnel passengers.
Njord Partners, with expertise in the hospitality and maritime sectors, notes that this transaction “creates a strong foundation for enhancing the service and delivering an outstanding experience for Red Funnel passengers.”
Founding partner at Njord Partners Jakob Kjellberg commented: “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,” he added.
