Condor Ferries Under New Ownership

[Andy]

Channel Islands ferry operator Condor Ferries has been sold to Royal Bank of Scotland’s venture capital arm in a deal worth £240m ($425m).

RBS’s Debt Venture division bought a controlling interest in the company from ABN Amro, which had bought the company from the Norman family and venture capital concern 3i in 2002 for about £150m. The current deal is understood to include approximately £140m of net debt.

Condor Ferries operates five passenger and freight vessels between the Channel Islands, Portsmouth, Weymouth, Poole and St Malo. Earnings at the company before interest, tax, depreciation and amortisation were about £26m last year.

[Jim]

Originally Posted by Andy

From BBC News:

The Royal Bank of Scotland (RBS) has brought the Channel Island ferry and catamaran company Condor.
Condor was bought from ABN Amro for £240m the Daily Telegraph reported.

Condor operates passenger services and freight vessels from Poole and Weymouth in the UK to Guernsey, Jersey and St Malo in France.

RBS also owns the Wightlink service to the Isle of Wight, which it bought for £180m in 2001. Rob Provan, managing director of Condor Ferries, said: "I don't expect any changes. The bank is endorsing the way we have managed the company."

Is Wightlink a joint venture? - I was under the impression that it was owned by Stagecoach... as for Condor if as they say there won't be any difference that remains to be seen!

[Phil K]

I thought Wightlink was bought from Sea Containers by a management buy out. Didn't realise RBS bought it.

As for no changes to Condor, from what I heard, maybe a new catering company needs to be used . But as Jim said lets wait and see shall we.

Also Jim, when I joined SWT, we were told on our corporate welcome day of all the companies that Stagecoach owned, and Wightlink wasn't one of them.

[Andy]

Originally Posted by MrJim

Is Wightlink a joint venture? - I was under the impression that it was owned by Stagecoach... as for Condor if as they say there won't be any difference that remains to be seen!

Jim, I 'think' your thinking of the Red Funnel buy out from ABP a few years back.

[Davis]

Wightlink was bought from Seaco by a company called CINVen in June 1995 for £107.5 million and in 2001 Wightlink management bought out CINVen for £156 million. I'm not to sure but i think there may have been a more recent take over.

I think Red Funnel was bought by its management from JP Morgan who purchased it from ABP for £71 million in 2001.

[adam]

The buy out of Condor worries me RBS (along with Caledonian MacBrayne) Own Northlink ferries and have made a £134 millon loss despite a huge subsidy increase

[Tom L]

Originally Posted by Phil K

As for no changes to Condor, from what I heard, maybe a new catering company needs to be used .

You got that right! I used the Vitesse last Friday from Poole and that sausage roll was disgusting:sour:

Was it the food, I wonder, or the rough sea that made everyone sick:thinking:

[fisher]

I wonder if this buy out affects Brittany Ferries in any way - after all, they have the charter agreement of the Vitesse!

[Jim]

I think RBS are just more interested in the financial benefit of it, I imagine the agreement would stand. Although saying that if it didn't I imagine BF could just get some kind of fast ship themselves...