Richard has asked to meet with Njord Partners, the new owners of Red Funnel ferries and stated that ‘this cannot be yet another instance of a lifeline service being treated as a cash machine for private equity’.
Richard Quigley MP has responded to the sale of Red Funnel to private equity firm Njord Partners with a call for urgent engagement with Isle of Wight stakeholders and a fundamental overhaul of how ferry services are governed.
Richard Quigley MP said:
“Islanders are once again being left powerless while a vital public service is passed between private equity firms like a financial asset,” said Mr Quigley. “This must not become yet another chapter in the story of our lifeline ferry service being exploited for profit while reliability, affordability, and accountability suffer.”
Richard is urging Njord Partners to meet directly with Island stakeholders to hear first-hand the long-standing concerns around service reliability, frequency, and pricing.
“If Njord Partners are serious about improving the service, they must sit down with us and listen. Islanders deserve a voice in the future of this essential infrastructure, not more empty promises from faceless investors.”
He also raised serious concerns about the nature of the new owners:
“Njord Partners describe themselves as pursuing ‘uncompromising capital preservation’ for foreign investors. That’s not the kind of long-term, community-focused investment the Island needs. Their track record offers little reassurance that they will prioritise public interest over profit.”
Mr Quigley confirmed he will be raising the issue directly with the Maritime Minister in an upcoming meeting, and reiterated his commitment to pushing the Government to act.
“If the Government is serious about economic growth on the Isle of Wight, it must be serious about fixing the broken ferry system. I will continue to press this point at every opportunity and do whatever it takes to get Islanders out of this vicious cycle of private equity ownership.”
