Islanders in uproar over Njord Partners' takeover of Red Funnel

From News Desk

Public scrutiny is rising over why a local Island bidder was excluded to benefit the Njord Partners' takeover of Red Funnel, the Isle of Wight's lifeline ferry operator.
According to media reports, a community-backed consortium, Vectis Ferries, put forward a bid of around £100 million to take Red Funnel into local hands. It could have meant ownership rooted in the Island's needs yet that offer was brushed aside to facilitate Njord Partners, reports say.
Instead, Islanders woke up to the news that Njord Partners, a London-based private equity fund known for distressed buyouts, had secured the deal for an undisclosed sum.
No one asked Islanders what they wanted. No consultation, no dialogue, not even the courtesy of informing local MPs before the deal was signed off.
The anger has been loud and clear. Joe Robertson, MP for Isle of Wight East, described the takeover as "a bad day for the Island". He added: "They have not even had the courtesy of contacting local elected representatives. Island residents will continue to pay over-inflated prices. The Government must step in. Enough is enough."
His colleague, Richard Quigley, MP for Isle of Wight West, warned: "Ferries are a lifeline service for islanders, and we aren't just a cash machine for private equity."
And Phil Jordan, Leader of Isle of Wight Council, voiced what many feel: "Red Funnel is a lifeline service for Islanders. The acquisition raises serious questions about the long-term security and affordability. Islanders deserve reliable, regular ferries at affordable prices."
If Islanders are struggling to understand why Njord was chosen, one clue lies in its past behavior. Njord Partners previously donated £20,000 to then-Home Secretary Priti Patel.
No one is suggesting this payment was directly tied to the Red Funnel sale. But it demonstrates a willingness to spend money in political circles and that matters when the company has now acquired an essential public service through a process that excluded community voices and ignored a higher local bid.
For Islanders, the context is enough to raise red flags: if a firm is willing to cultivate political relationships with cash, how much did influence weigh in a decision that otherwise makes little sense?
Dr. James Whitmore, transport policy researcher based in the Isle of Wight commented: "Njord's business model isn't a mystery. They specialize in distressed companies: buy low, restructure, squeeze efficiencies, then sell on for profit. That might make sense in industries like cable manufacturing. But for a ferry operator that is the Island's lifeline, it raises obvious fears: higher fares to feed returns; deferred investment in maintenance or new vessels; service cuts in the name of efficiency; and another sale in a few years, starting the cycle all over again.
"Red Funnel's own track record doesn't inspire confidence. The company admits "significant indebtedness has severely limited [its] ability to invest." The Hythe Ferry service it acquired in 2024 has already been suspended indefinitely due to disrepair. Islanders ask: if this is how things looked before, how will a private equity fund make it better?"
Sarah Coleman, former maritime industry consultant said: "This isn't just about ferries. It's about Islanders getting to hospital appointments, schools, and work. It's about families staying connected. Treating that as just another financial asset is not only wrong, it's dangerous."
So the question remains why was Njord chosen? It wasn't the higher bid the local group offered more; it wasn't transparency the sale price is still hidden.
It wasn't community trust Islanders were excluded; and it wasn't service quality Red Funnel has struggled for years. The only thing Njord carries into this deal is a reputation for distressed buyouts and a past record of political donations. For Islanders, that is not a reassuring answer.
Sarah Coleman added: "Full transparency is needed. Islanders deserve to know what Njord paid and what commitments they've made. Service guarantees Fare caps, route frequency, and investment commitments must be binding. Community oversight Islanders should have a say in decisions that affect their daily lives. Political accountability Past patterns of influence must be scrutinized so lifeline services are never treated as political currency again. Red Funnel is more than a company. It's the Isle of Wight's connection to the mainland. It should never have been reduced to a line item in a private equity portfolio. Islanders deserve answers and they deserve better."

P.O Bagarji Town Bagarji Village Ghumra Thesil New Sukkur District Sukkur Province Sindh Pakistan 65200.

Wiki Blogs News always keeps careful online users to provide purposeful information and to keep belief to provide solution based information.

This release was published on openPR.