Brittany Ferries to take over Condor
Brittany Ferries is looking to become the majority shareholder of Condor, with the option to take over the whole of the company in future.
Brittany has been taking a more hands-on approach with the ferry company in recent months.
And its Christophe Mathieu, CEO of both businesses, has confirmed the intention to become majority shareholder of Condor within weeks, subject to approval from the islands’ regulatory authorities.
If approved, Brittany Ferries will own 51% of Condor Ferries, with the Columbia Threadneedle infrastructure fund becoming a minority shareholder.
‘Brittany Ferries has the experience, expertise and scale, along with extensive knowledge of the transport sector and customer service, to implement best practices, which ultimately will result in a better service for Condor’s passengers,’ Mr Mathieu said.
‘This change demonstrates our commitment to the islands, shows Brittany Ferries is adding strength and depth to the existing team, and delivers continuity and resilience in the long term.
‘We believe we operate exactly the right fleet for the islands – a mix of conventional freight and passenger ferries for lifeline freight and travel for islanders, alongside the high speed vessels that are essential for supporting the visitor economies of Jersey and Guernsey.’
Despite the confident statement, this move comes at a time of uncertainty for Condor, which is currently responsible for the majority of freight and passenger sea travel for the Channel Islands. It is bidding for a contract for Channel Island passenger and freight services, understood to be against two other bidders.
The result is expected to be announced in September. Mr Mathieu had previously said he was confident Condor would win the tender process.
The Columbia Threadneedle European Sustainable Infrastructure Fund bought Condor Ferries,
With the latest move, under its formal name – B.A.I. Bretagne Angleterre Irlande – Brittany has applied for the Jersey Competition Regulatory Authority to approve the deal.
Brittany has now applied to transfer shares between existing shareholders of Condor, with CTI Holdco Limited transferring 22% of the share capital of Condor Topco, the joint venture between Brittany and Columbia Threadneedle, to Brittany.
The application adds that that there would be a further option to acquire up to 100% of the issued share capital of Condor at a later date.
Brittany has been working more closely with Condor this year.
In February John Napton abruptly left after two-and-a-half years with little explanation, and Mr Mathieu took on the job of interim CEO of Condor with immediate effect. In an interview soon afterwards, Mr Mathieu said it was time for Brittany Ferries to get far more involved in the running of the firm.
Since the spring, Brittany Ferries’ vessels Barfleur and Bretagne have carried out berthing trials in St Peter Port.
And the Commodore Clipper conventional ferry has been operating French and Irish routes for Brittany this summer in between Channel Island services.
