We asked Wightlink about the possible ‘£300 million sale’

Wightlink could be sold for £300m – we asked them for more information on that. 

This Sunday (July 29), saw storms batter the Island, cancelling festivals and ferries and perhaps dampening a holiday or two.

Sunday also brought the news that Wightlink’s current owners, Basalt Infrastructure Partners, could be about to ship the company off for a cool £300m.

The Times reports that Basalt is trying to cash in on growing demand for infrastructure assets. This is because values have soared amid ultra-low interest rates and weak gilt yields.

Basalt bought the ferry business in 2015 from Australian bank Macquarie for around £230m.

Wightlink’s St. Clare ferry – stock image

The company made $17.7m in profit last year and local authority pension funds could also be interested in the sale, according to The Times.

The IW Observer asked Wightlink for clarification and further information on the proposed sale.

A spokesman for Wightlink said: “Wightlink’s owners, Basalt Infrastructure Partners, have invested £45million in the environmentally friendly flagship Victoria of Wight and port improvements. Wightlink is fully focused on the introduction of the new ship to the fleet.”

Wightlink’s spokesman told us Basalt would be handling any further questions.

Basalt have been approached for comment.

Have you got an opinion on the possible sale of Wightlink? Let us know – newsdesk@iwobserver.co.uk