Sold! Deal done for Condor

Thursday 14 November 2019

Suggestions that Condor Ferries was about to be sold have been circulating for many months, and this morning a deal has finally been confirmed: the lifeline ferry operator for the Channel Islands has been bought out by Brittany Ferries and an investment company.

The ferry company's current shareholder, Macquarie Infrastructure and Real Assets, has reached an agreement to sell 100% of its interest to Columbia Threadneedle Investments (CTI) and Brittany Ferries (BF).

Reacting to the news, Condor CEO Paul Luxon said: “The new shareholders wholeheartedly share our vision and strategy for maintaining and developing essential Channel Islands’ lifeline ferry services across the freight supply chain, islander travel and tourism sectors."

Pictured: CEO of Condor Ferries Paul Luxon.

Mr Luxon continued: "Having met with senior executives of CTI and BF on several occasions, the company welcomes such experience and expertise from the new shareholders, and having introduced them to key stakeholders including politicians and senior civil servants, discussions on fleet replacement and future investment will continue.

"Condor Ferries’ management and staff will continue to deliver the five year business plan that is underway and focus on providing efficient and effective sea connectivity to support the Channel Islands’ economies."

Jersey’s Economic Development Minister Senator Lyndon Farnham has welcomed the move which he has said will bring “a period of uncertainty” to an end for the ferry company. 

Pictured: Minister for Economic Development, Tourism, Sport and Culture Senator Lyndon Farnham.

He commented: “Condor Ferries provides genuinely lifeline freight and passenger ferry services for the Channel Islands. We are pleased that this announcement brings to an end a period of uncertainty regarding the future direction of Condor Ferries. The objective for the consortium, working with the Government of Jersey and the Ports of Jersey, is to provide high quality, value for money ferry services for the public of Jersey. 

“I am encouraged that the new investors are committed to helping Condor Ferries drive improvements in the reliability and affordability of its operations and to invest in its fleet. We look forward to working with Condor Ferries and their new owners in the months and years ahead to ensure the future success of our ferry operations.” 

These sentiments were echoed by CEO of the co-purchaser, Brittany Ferries, Christophe Mathieu who said he was delighted to secure the purchase.

Brittany Ferries Chairman Jean Marc Roué added: "I am proud and honoured that we have concluded a partnership with the Columbia Threadneedle European Sustainable Infrastructure Fund. It allows us to reconnect with a route to the Channel Islands that Brittany Ferries operated in the past."