| Journal: TWUK | Section: |
| Title: | Issue Date: 22/05/00 |
| Author: | Page Number: 26 |
| Copyright: Other |
Fleet expansion
P&O purchase opens way for Festival boost
Report by TANYAJEFFERIES
FESTIVAL Cruises is set for rapid fleet growth following its acquisition by P&O Cruises, according to Festival UK managing director Graham Smith.P&O bought the Greek-owned cruiseline in a deal worth up to $400m in cash and shares two weeks ago (Travel Weekly May 15).
“The essence of the message we have received is that Festival will operate as a separate brand and will be expanded. It will mean a bigger fleet.”
Festival launched a 1,296-passenger vessel, Mistral, last summer. Two new 1,565-passenger ships, European Vision and European Dream, are due in July 2001 and April 2002 respectively. In addition, the company has an option to build a further two vessels after that.
Industry speculation suggests P&O might transfer one of its own forthcoming new builds to the Festival fleet but Smith declined to comment on this.
Festival currently employs nine staff at its office in London’s Regent Street, which it moved in mid-February. Smith refused to say whether a second move to P&O’s office in New Oxford Street, London, was now on the cards.
The cruiseline is currently preparing a new brochure for the 2001 season, which is due out in the second week of June.
The programme will include Bolero, which has been out on charter to First Choice on a two-year contract ending this autumn. The ship will be chartered to Canadian operator Regency Holidays from November, before a series of Mediterranean cruises for Festival from April next year.
Smith: said Festival’s fleet including Mistral, above, looks set for rapid growth