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Condor to be sold ‘in next two years’

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CONDOR FERRIES is likely to be sold within the next two years, but an assurance was given in the States yesterday that the current owners would sell it to someone who would maintain the services the company provides.

Assurances were given that Condor’s services would be maintained once the fund that owns the company ends. (Picture by Peter Frankland, 20788479)

Concerns over the impending end of the fund which owns Condor, Macquarie European Investment Fund 2, were expressed in questions by former Economic Development vice-president Jan Kuttelwascher to current president Charles Parkinson.

Deputy Parkinson said that MEIF2 was a closed-ended fund with a finite term and it was due to end on 10 May.

Its conclusion had been the subject of discussions between the company, Deputy Kuttelwascher and former Economic Development president Peter Ferbrache as well as the president and vice-president of Policy & Resources.

Assurances had been given that its closure would not affect the running of Condor’s freight or passenger services.

As part of the fund’s closure, it would be divesting itself of its asset portfolio by either liquidating them or selling them.

Macquarie had advised that it intended to sell the company within the next 18 to 24 months, said Deputy Parkinson.

Deputy John Gollop said that in the – hopefully, unlikely – event of Condor being liquidated, would the States work with Jersey to ensure the company’s assets were transferred to ‘a suitable entity’?

Deputy Parkinson said it was clearly in the strategic interest of Guernsey that there continued to be a ferry service, particularly to the UK.

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Discussions were ongoing with Condor and Macquarie and close contact would continue.

In response to a question from Deputy Gavin St Pier, Deputy Parkinson agreed that it would be in Macquarie’s interest for Condor to be sold as a trading concern rather than broken up.

After being asked by Deputy Ferbrache to confirm what Macquarie had said, Deputy Parkinson said it had indicated it would look to sell Condor to a purchaser who would continue to maintain the service.

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