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Steam Packet to be sold

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31 minutes ago, 2112 said:

Today’s latest IOMG nonsense - 

http://www.iomtoday.co.im/article.cfm?id=48865&headline=New sea services agreement signed&sectionIs=NEWS&searchyear=2019

TBH this has got me very confused.

Government has entered into an agreement with one of its own identities Also the terms of the agreement are similar to the old agreement with Steam Packet. Why did we buy IOMSPC? We should have bought it when it went under. It seems to me that we in effect have renationalised a failing business, but they have got a new user agreement, under similar conditions. What’s in it for Joe Taxpayer or Ferry User?

No need to be confused. We bought it to gain control of an exceedingly profitable enterprise that can now be run for the benefit of the whole island, rather than the shareholders of a Portuguese bank.

This agreement now allows iompsc to refinance itself (at a low interest rate supported by government backed guarantee), pay back the loan to treasury £76m and have sufficient funds to invest in a modern fast ferry.

It is definitely, defintely not a failing business! Approx. £15m p.a. ebidta.

 

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Looks as if McQuarrie have conned Brittany Ferries into buying Condor. The reputed price, £300 million, ( not in the report but its what they were looking for ) makes the Steamie look cheap.

https://www.itv.com/news/channel/2019-06-24/condor-ferries-sale-imminent/

They've been asking £300m since 2008.  

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IoM Examiner today. P2. Further £13M rise in the cost of the new Liverpool Half Tide dock.

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34 minutes ago, Non-Believer said:

IoM Examiner today. P2. Further £13M rise in the cost of the new Liverpool Half Tide dock.

It’s a further £7m. They’ve been working on £30m for last 12 months.. it’s a cumulative £12m since the plan was first mooted in 2015

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It happens time and time again of course.

Isle of Man Government should get a reasonably intelligent man in a pub to do their estimates then employ a school leaver to double the figure. 

The figures will end up pretty accurate.

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32 minutes ago, John Wright said:

It’s a further £7m. They’ve been working on £30m for last 12 months.. it’s a cumulative £12m since the plan was first mooted in 2015

Thank God it's only 7 million. Nearly had me worried there for a moment!

 

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2 hours ago, John Wright said:

It’s a further £7m. They’ve been working on £30m for last 12 months.. it’s a cumulative £12m since the plan was first mooted in 2015

Apologies John, I hadn't picked up on that.

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18 minutes ago, asitis said:

Whats 7m between friends !

Small change to Peel Ports. But, you know, "Every little Counts". Especially when it's as easily parted with as it is with IoMG.

My money's on £100M in the end.

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Posted (edited)
10 minutes ago, Non-Believer said:

 

My money's on £100M in the end.

My money’s on we’ll never know, and unable to find out as it is too sensitive.

Edited by Gizo
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Phil Gawne and Ann Reynolds need to be forming part of the foundations.

Peel Ports were supposed to be paying originally. After the Steamy stumped up for the repairs to Peel's landing stage in order to extend its life.

Then it was a £15M contribution from PP..

Now it's a £38M cost to the Manx taxpayer.

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On 7/9/2019 at 7:24 PM, Non-Believer said:

Phil Gawne and Ann Reynolds need to be forming part of the foundations.

Peel Ports were supposed to be paying originally. After the Steamy stumped up for the repairs to Peel's landing stage in order to extend its life.

Then it was a £15M contribution from PP..

Now it's a £38M cost to the Manx taxpayer.

I almost pity the poor IOMG civil servants who have to go into negotiations with Peel Group.  Eat them up and spit the bones out comes to mind.

Then all the English contractors who will build the terminal.

We'll get shafted.

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Why spend £37mil for a terminal that cannot be used at night and cannot take freight. or at least not much freight

Save the money and use Birkenhead on a Saturday and Sunday with the Ben and Monday to Friday Holyhead with the Manannan.  only berthing fees to pay then the poor old Manx tax payer can pay off some of the SPC's dept. with the saving. By the time the first spade goes in the cost will have gone up another £7 mil and then the unforeseen extras that will have been missed in the first costing.

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6 minutes ago, Manxman2000 said:

By the time the first spade goes in the cost will have gone up another £7 mil and then the unforeseen extras that will have been missed in the first costing.

+110%

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