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Steam Packet to be sold


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Ok, things a nationalised Steam Packet need to do: 1) Stop charging the earth for horrid coffee 2) Move the 'Vistitor Experience / Welcome Centre' on-board the vessel: you've got a captive a

£80m on a deep port. £30m on a landing stage in Liverpool. £124m on the Packet..... infrastructure all over the Island needing money spending. Ailing health service, PS pension issues, massively

The franchise isn’t too bad operationally. It’s the ownership and financing parts of the package that were mishandled. There should have been a golden share to stop ownership change, and to allow

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Awash with money I tell you! Clearly, we can't get rid of it fast enough. In 8 year's time the Steamy would have been worth zero.

Now let's consider who's going to manage and run our new asset? Or will it be contracted out?

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I'd like to know a) how that valuation has been arrived at and, b) where is the money coming from?

This seems on the face of it to be another "Corpy" move - where the owners of non-profitable services see the Isle of Man Government as easy pickings to dump their problems onto - and get a pile of cash back in exchange...bargain (except for the taxpayer)!

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This should really pay for itself within the remaining period of the old user agreement. At least the company will run for the Island and no other party now..... as long as it’s allowed to be managed appropriately. 

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I hope they publish the full business case and due diligence for the purchase price, seems an awful lot of money for not very much.

I also hope that they now run a "lifeline" service in the true sense of the word, not the play on words that the Steam Packet employ. Having been away for some time and used a lot of ferries which are truly a lifeline service, the company ethos is so much different in every way to the behaviour of our monopoly operator !

On the face of it, it does seem our lot are incapable of playing hardball with anyone, oh except their own population who they like to stealth tax to death !

 

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The Racket is already pretty much a monopoly. Add the linkspan and it's truly a law unto itself.

The plan is obvious.

Run it pretty much as it is with one essential difference.

To wit every time a senior member of the CS/PS retires they put the fares up....

Sorted!

The concern has to be that every time government tries to run something as a business they manage it all right.

Just very badly.....

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38 minutes ago, Non-Believer said:

Awash with money I tell you! Clearly, we can't get rid of it fast enough. In 8 year's time the Steamy would have been worth zero.

Now let's consider who's going to manage and run our new asset? Or will it be contracted out?

In a secretive and underhand way, the expression of interest exercise will be carried out. It wouldn’t surprise me if IOMG hasn’t got a operator/ferry operator lined up. 

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Will the purchase price include the Ben & Mannanan?

How much would new fastcraft & freight / passenger vessels cost ‘us’ in the future?

There will be a lot of questions but on the face of it, I’m delighted with the news!

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£80m on a deep port. £30m on a landing stage in Liverpool. £124m on the Packet.....

infrastructure all over the Island needing money spending. Ailing health service, PS pension issues, massively over structured local and national government.

Id guess they are trying to bankrupt the Island before handing it back to the U.K. 

 

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8 minutes ago, 2112 said:

In a secretive and underhand way, the expression of interest exercise will be carried out. It wouldn’t surprise me if IOMG hasn’t got a operator/ferry operator lined up. 

wake up,   the same people 'running' it now will continue to run it,  we've just bought out where the money was going so it comes to IOMG.   the 'real' profit figures will now miraculously appear to justify the expense.  actually they won't but hey ho.   wait for the fare increases  that JW will say are reasonable.

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