Report by Kirsten
Bowling
ISLE of Wight
ferry operator Red Funnel has been sold to JP Morgan International Capital
Corporation for £71 million.
Associated British
Ports announced its intention to sell the group in June and will in due course
return £70 million to its shareholders through a share re-purchase exercise.
Red Funnel will
retain its current management team and customers will be able to use the ferry
and shuttle service as normal.
A spokesman
said: “There will be no evident
change, in the operation of the service and as far as the customer is
concerned, they will not notice any change.”