1. ITV Report

Condor Ferries up for sale

Credit: ITV Channel TV

Condor Ferries is expected to be sold in the next 18 to 24 months.

That's according to Guernsey's Economic Development President Charles Parkinson, who faced questions about the ferry firm's future in today's States sitting.

Deputy Parkinson told the assembly Condor Ferries is owned by a closed-end fund which has a specified 'lifetime' which will soon come to an end, meaning it has to dispose of the ferry company.

He says if no buyer is found, the States will "have to take an interest in it, because clearly we need to ensure that there is a ferry company operating to Guernsey."

Deputy Parkinson says the States also have other options including setting up their own ferry company.

But he says the "simplest solution" for the States is for another long-term investor to buy the company and "carry on with it as previously".

Condor Ferries' CEO says the sale of Condor will not impact the operations of the ferry service.

MEIF2 is a closed end fund, which, as it nears the end of its natural life, is in the process of conducting an orderly divestment of its portfolio.

There are a number of mechanisms that exist in the Fund’s governing documents to facilitate this.

As a result, there will be no impact to the operations of Condor or any other asset held by MEIF2.

– Paul Luxon, CEO of Condor Ferries