Reliable sources claim that troubled ferry operator, Red Funnel, has a Restructuring, Turnaround and Insolvency (RTI) Team overseeing operations and advising the banking syndicate that the company to which the company owes more than £40 million, with repayment already five months late. The company’s CEO, Fran Collins, did not respond to a request for a comment.

Still seeking potential investors, there have reportedly been discussions with another asset management firm, Real Assets Investment Management (RAIM), after Arcus Investment Partners, who had been looking into buying the company since February, walked away from any deal. RAIM’s website says it “aims to generate stable and attractive returns” working with “top quality management teams”! The company appears to have no other maritime or ferry investments or experience, and does not claim to have experience in turning around over-indebted and failing companies – surely a skill set needed for this particular investment challenge. The IW Observer has reached out to RAIM for a comment.

The lack of an official statement from Red Funnel’s leadership raises questions about Red Funnel’s ability to weather this financial storm and what that might mean for the Island. Rumours and speculation are bound to grow, causing uncertainty for residents and employees alike.

However, there are times when Red Funnel can rise to the occasion and spare no expense – despite its dismal performance for its customers. This week they have suffered more cancellations due to technical problems with both its vehicle ferry and Red Jet fleets.

Red Funnel’s staff Christmas party was held at the exclusive Royal Ocean Racing Club, in Cowes, Saturday night. It started at 6.30pm and slated to finish late. For senior staff, such as Ms Collins, and outgoing operations director, Leanna Lakes – who live in Dorset and Scotland respectively – there’s no need to rush in their glad rags to catch the last scheduled Red Jet at 11.05pm. The company laid on a special late-night Red Jet trip to ferry them home conveniently.

It’s a glaring contrast to the experience of their paying customers. Islanders travelling to mainland evening concerts, or events have often lamented the lack of late ferry services, which forces them to cut trips short or incur costs for overnight stays.

Interestingly, the ‘Need to Know’ email about the party reminds staff not to be rude to their colleagues who are working and to “stay classy”. It is signed FFS – which, in case there is any doubt, stands for For Funnel Sake!