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Condor has been bought out by Brittany Ferries and an investment company, in a move the Economic Development President says will make sea travel more reliable and affordable.
It was announced this morning that the ferry company's current shareholder, Macquarie European Infrastructure Fund II, managed by Macquarie Infrastructure and Real Assets, has reached an agreement to sell its 100% interest to a consortium of Columbia Threadneedle Investments and Brittany Ferries.
"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," said Condor CEO Paul Luxon.
"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.
Pictured: Brittany Ferries is part of a consortium which has taken charge of Condor.
"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."
Brittany Ferries CEO Christophe Mathieu said he was delighted to secure the purchase.
“Brittany Ferries and Condor enjoy a long history in commercial operations and a closer cooperation between the two companies will create opportunities for sharing expertise and best practice. We believe this is a positive step and look forward to playing our part in supporting the economies and communities of the Channel Islands into the long term.”
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."
Economic Development President Charles Parkinson was hopeful of improvements in passenger and freight services.
“The sale of Condor Ferries to the consortium of Columbia Threadneedle Investments and Brittany Ferries is extremely positive news for Guernsey and the Channel Islands," he said. "The sale of Condor to a consortium of proven long-term investors and a respected European ferry operator, with many successful years’ operating freight and passenger services between the UK and France, gives us reason to have great confidence in the long-term security and development of our ferry services.
Pictured: Deputy Parkinson said an operator the size of Brittany Ferries brings a lot of experience and expertise to the table.
"Having had the opportunity to meet with the new investors I am also confident in their commitment to help Condor deliver ongoing improvements to the resilience, reliability and affordability of our passenger and freight services, something an operator the size of Brittany Ferries is well equipped to help do even in the short-term.
"Once competition approvals for the transaction have been granted, we look forward to working with Condor Ferries and their new shareholders to help ensure a successful and secure future for this vital lifeline service to Guernsey."
Pictured top: The Condor Liberation and the Condor Clipper.
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