Who Wants A Ferry Company?
Red Funnel has been spinning a whole range of yarns. "We are not going bust, we are trading successfully. We are ordering new tonnage etc ...
... BUT we are seeking new investors to join this vibrant an successful company."
Which is all corporate-speak for "give us yer money! "
So, although the company is "not for sale", secret "sealed envelope" bids are in.
For reasons which are truly mysterious, a consortium of Isle of Wight "investors" has put in a bid. These foolhardy folk with, some would argue, more money than sense, say that their bid has been rejected.
A Private Equity company is one that makes money by investing in struggling companies, bringing in slick and aggressive financial control, making a quick buck (millions of quick bucks) then selling it on for even more moolah.
Sounds about right for the dark world of corporate finance.
The key questions still remains. If the current owners (also an Investment Company) can't make a viable business of it, why would ANY company wast to invest their £100 million?
They would be daft!
Sounds about right for the dark world of corporate finance.
The Numbers Are Smaller, But ...
Here we go again!
During and after the fbbs' sojourn on the Isle of Wight, two competitive new-start ferry companies started newly competing with Red Funnel and Wightlink.
Cowes Express was an obvious disaster in the making from day one.
It all ended in tears with passengers turfed off a vessel in Southampton when the bailiffs arrived to repossess the ferry.
The next arrival was "Scoot"
T.he company began with a foot passenger service between Yarmouth and Lymington. There was much enthusiasm and lots of promises of developing new routes including Yarmouth to Portsmouth.
It quickly went bust!
The company should have been called HOOT - Hilariously Over Optimistic Travel.
But it is now happening all over again. And it starts on Thursday next.
Sounds very familiar.
That's what Scoot said!
A bit like Scoot's boat - but blue. But the boss has worked tirelessly (don't they always?)!
Any new product deserves best wishes; but you do wonder what will be different from the Scoot hoot. Maybe Mr Gundersen (good old Isle of Wight family) will have management that knows what it is doing.
Their timetable?
Wightlink's timetable?
Quay2Quay fares?
Wightlink fares?
So the newcomer is a bit cheaper. It also takes you to Lymington town rather than the more remote ferry terminal. But rail connections are less convenient.
Not frequent, then?
A bit complicated but clearly fares set for the long term.
Will it last? Is it wise to start a new service for the winter period?
Hmmm?
More YouTube Nonsense
A while back, fbb revealed an interesting pair of train derailments, of which this was one. Of course there was nothing about the headline picture "event" in the video.
Its pal was the same "derailment" in a very similar location and the same guy in suicidal pose, but with a rock face cutting replacing the tracks on the right. Not at all suspicious?
But a new YouTube publication has appeared, again purporting to show "horrific" rail crashes. Here is the headline picture.
Obviously we can trust the veracity of the YouTube content 100% based on the above!
Two Joys Joined?
Model Railways and Chocolate!
Yet another fake private owner wagon from Rails of Sheffield.
Bullion? Yes, it is "craft" chocolate, posh and expensive.
Yep, expensive. But you get a tiddy bit with your wagon.
The wagon including chocolate snippet costs £19.50 plus £4 postage. Yep, expensive.
Puzzle Picture
What is going on here?
Answer tomorrow.
Next Variety blog : Sunday 28th Sept
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