Red Funnel has new owners. The company has been acquired by Njord Partners, a UK-based investment firm that specialises in stepping into companies with financial challenges and promising a turnaround. They bring capital and experience – and have pledged to deliver a more reliable, efficient service. That commitment is welcome. But it must be backed by action, transparency, and a genuine understanding of what Red Funnel means to the Isle of Wight.

Let’s be clear: Red Funnel is not simply just a commercial ferry operator. It’s a lifeline. A vital part of the Island economy and Island life, as part of the overall ferry services to and from our Island. Every resident, business, and visitor depends on it. When services are cancelled, delayed, or priced beyond reach, it directly affects our economy, our health appointments, our education, and our family connections. It impacts our very well-being and economic sustainability. The cost and reliability of our ferries are not abstract figures on a balance sheet – they are the pulse and the heartbeat of Island life. They matter to us.

Private equity ownership models can inject investment and innovation, but they also come with considerable risks. The drive to generate returns for investors can, too easily, come at the expense of service quality or affordability. We’ve seen this before – vessels ageing faster than they’re replaced, fare rises outpacing inflation, service levels cut along with staffing reductions, and key decisions being far away. That must not be repeated here.

I will be pressing for clear commitments from Njord Partners. Stable and fair fares that reflect the Island’s unique circumstances. Meaningful investment in vessels, terminals, and future greener technologies. Transparent reporting on service performance and reliability. Regular engagement with the Island’s community and businesses. That’s the start point. Not the end point.

This change in ownership could be a turning point – either towards renewal or further decline. Islanders will judge the new owners not by their financial models, but by their delivery.

Our message is simple: the ferry link is not just a business – it’s a public necessity. We will hold Red Funnel’s owners to that standard every step of the way.