Condor's sale moves one step closer

Thursday 06 June 2019

Condor Ferries is one step closer to being sold as the Macquarie Group, its owners, have reportedly now hired advisers to help find a buyer for the ferry operator.

Australian investment bank Macquarie has appointed bankers from M Rothschild to launch the sale, which could bring in up to £300million.

This is Money, a UK-based financial website, reported on Monday that the move comes as Macquarie is looking to wind down Condor’s owner, the Macquarie European Infrastructure Fund 2.

Launched to take advantage of "the growing number of infrastructure investment opportunities within the expanding European Union," the €4.6 billion wholesale investment fund has put money into a motorway network, communications infrastructure and an energy services provider.

Pictured: The Condor Rapide, one of the company's three vessels.

It bought the ferry operator - which operates passenger and freight services between France and the Channel Islands, as well as between the Channel Islands and the UK - just over 10 years ago from RBS for around £260million.

Both Macquarie and Condor Ferries declined to comment on the sale process.

Rumours about Condor's sale first surfaced in 2017 when Deputy Peter Ferbrache - who was then the President of Guernsey's Committee for Economic Development - said in a Scrutiny hearing that the company was on the market, saying "I believe, from information received from confidential sources, that Condor is up for sale."

Pictured: Condor Ferries' CEO, Paul Luxon.

It is public knowledge that the infrastructure funds is winding down having "matured" in 2016 but Macquarie hasn't made an official announcement. 

It is believed they have previously received interest from potential investors but no formal offer was made.