Dear Reader

Private Equity acquisition/ownership of our ferries is responsible for the erosion/cost of our Solent transport services. This has now been well documented and is similar to the erosion/cost of many other areas of vital services, like our water companies.

We are aware that the struggling Red Funnel ferry company are being eyed up for resale to yet another private equity firm, North Leaf Capital. No doubt this acquisition is seemingly seen as a lucrative earner for unscrupulous shareholders, intent on a fast buck at our expense.

We are adamant that this will not happen on our watch; we will do everything in our power to stop this, especially as there are other interested parties who are intent on doing the right thing for us.

If you want to help stop this company we urge you to write to:

roderick.gadsby@northleafcapital.com

We are serious and intent - this bandwagon has got to stop rolling. Our letter to them is below.

Thanks in advance!

STUG committee

To: Northleaf Capital

We are writing to you as members of the committee of the Solent Transport Users Group (previously Wightlink Users Group).

The group started in the early part of 2023 and has approximately 11,000 supporters including maritime transport experts, both island MPs and the leader of the Isle of Wight Council. We also have a place on the Government chaired Cross Solent Transport Group.

We have a significant presence on social media, local and national press, including Private Eye, and regional television.

The group has been campaigning since it’s inception to make Solent transport a hot political issue and the involvement of senior members of the Government, including the Prime Minister is clear evidence of our success. As a result of the collective efforts of the group and the island MPs the Secretary of State for Transport has just committed to solving the problem of cross Solent travel.

The current owners of Red Funnel have been responsible for the catastrophic decline in the service and the investors thoroughly deserve to have lost every penny that they have invested. Visitors and residents alike have been fleeced by high fares and in return receive a service of frequent cancellations and punishing unreliability.

We believe that Northleaf Capital is showing an interest in buying the failing Red Funnel Company. Yet it is quite clear that private equity has no place in the running of public services.

This is particularly so in the provision of a lifeline service to the Isle of Wight, where the effects on the socio-economic performance of the IOW by PE involvement have been devastating.

The Isle of Wight cannot have another PE buyout inflicted upon us and should you be successful in your bid we will continue to campaign vigorously to raise awareness of the deeply damaging nature of such ownership.

As with the current owners you may well stand to lose all your investment.

The committee of Solent Transport User Group

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Richmond House, Ryde, Isle of Wight PO33 1JD
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