By Carole Dennett
Njord Partners has finalised its acquisition of Red Funnel. Jakob Kjellberg, for the new owners, has promised to “work hard to improve the business performance and regain the trust of all stakeholders.” That sounds encouraging. But trust has not simply been misplaced; it has been systematically eroded over years by a leadership culture that prefers confident statements to inconvenient truths.
The sale itself illustrates the problem. Islanders and staff were repeatedly assured the company was not for sale after we reported it was in March 2024. The truth came out when a prospective purchaser wrote to our elected representatives in September that year, revealing the business had been on the market since February. In September we were told Red Funnel had new owners, new stability and new investment. In truth, the deal could not complete until the government approved it. The Island, the press the company’s staff were told a transaction had taken place when it had not.
The pattern of over promising and under delivering has defined Red Funnel in recent years. The most striking example is the much-heralded renewal of the raptor car ferries. In May 2024 Islanders were told that designs were ready and tenders imminent for the most significant investment in a generation. But at the end of 2025 there are no tenders, no shipyards booked, and no ships on order. When the Njord acquisition was first announced – there was no mention of new vessels. Plans apparently essential to Red Funnel’s future had evaporated. Now, weeks later, there is a passing reference to new ferries, but no firm commitment or timeline. Njord is rumoured to still be seeking finance to support their latest investment.
Similarly, the Hythe Ferry was promised back “by the end of summer”; yet winter is here and there is no service. The accounts have not been filed for 2023 or 2024. Passengers who rely on the service are left in the dark.
The Artemis EF 24 “flying ferry” was billed in as transformative in July 2024, and due into service “late 2025”. The most recent update said training was due this month with entry into service at the beginning 2026. December has arrived, with no training, no service date, and no explanation.
The East Cowes redevelopment was granted planning approval in November, after more than a decade of announced, re-announced and repackaged redevelopment schemes. None of them delivered. It hardly inspires confidence – even in property development – quite aside from the more important business of a credible plan for renewal of the fleet.
Financial woes compound the uncertainty: a £196 million loss in 2023, auditor’s warnings, and late filed accounts.
It’s been quite a performance: bold promises upfront followed by excuses, or even worse, silence afterwards. This is a private company – but it delivers a lifeline service. No wonder our two MPs, among with many others, are so sceptical.
Njord says it wants to rebuild trust. That is welcome and we must all hope they mean it. But trust cannot be rebuilt on the same foundations that destroyed it. That requires honesty not PR spin, delivery not delay, and transparency not evasion. And it raises an unavoidable question for the new owners: can the company truly rebuild trust under the same leadership?
After years of empty promises, Islanders are entitled to ask why they should believe Red Funnel’s many problems are suddenly all fixed now, when, for so long, its words have proved false.
Tilly Walder