By Isle of Wight Observer
East Wight MP, Joe Robertson, has revealed that Red Funnel and Wightlink’s shareholders have received more than £165 million from the two cross-Solent operators between 2017 and 2025 – a figure that rises even higher when payments from the previous two years are included. The number emerged from detailed financial research carried out at Mr Robertson’s request for the Department for Transport’s ongoing ferry meetings, which are examining fares, services and reliability.
Mr Robertson told the IW Observer the scale of shareholder receipts must be viewed alongside the high prices paid by Islanders, and the lack of progress on new ferries, with both operators continuing to rely on ageing vessels. Red Funnel’s three car ferries date from the 1990s, and although replacements were supposedly announced in May 2024, no orders have yet been placed. Wightlink’s fleet also requires sustained investment.
The analysis shows Wightlink paid £97.7 million to shareholders, through interest and loan repayments over the nine financial years, while Red Funnel paid £8 million in external dividends. A further £59.4 million was recorded in the accounts of the partnership that sold Red Funnel in 2017.
Earlier years add another £20.5 million, taking the verified total to £185.7 million. A separate £26.9 million settlement recorded in Wightlink’s 2015 accounts take it to £212 million, and a reported £30 million pay-out to Wightlink’s shareholders in 2026 could take the total to more than £242 million, but Mr Robertson said the first payment could not be fully traced to its ultimate owners and the second would only be verified when the company’s 2026 accounts are published.
He added that two ownership transactions – Red Funnel’s 2017 sale and the 2019 sale of half of Wightlink – amounted to more than £260 million, entirely separate from the money taken out of the businesses.
Mr Robertson said: “It’s just like the water companies. Money is being taken out year on year, and that’s why we’re paying so much.
“It’s immoral and it must stop. Only the Government can end this once and for all and bring prices down through regulation.”
A letter was sent to the Prime Minister yesterday (Thursday) setting out that new legislation is needed giving powers to the new mayor of the Hampshire and
Solent Combined Authority, who will be accountable to Islanders. The letter was signed by Mr Robertson, West Wight MP Richard Quigley and IW Council Leader Jonathan Bacon.
