Isle of Wight ferry firm Red Funnel (RF) spent just shy of a quarter of a million pounds to purchase the historic Hythe Ferry, the Isle of Wight County Press, the Echo's sister title, can reveal.

The Southampton to Hythe vessel was bought by the company on September 7, 2023, taking over from Blue Funnel in an effort to secure the long-term future of the service.

The exact figure of the sale had remain undisclosed — until the publication of RF's accounts.

According to Companies House, RF spent £234,000, inclusive of associated costs, to purchase Hythe and Southampton Ferry Company Ltd.

 

When Red Funnel bought the service, CEO Fran Collins said: “We have been operating a lifeline service to the Isle of Wight for over 160 years, and are very proud of our heritage in providing connectivity across the Solent.

"The Hythe Ferry is also a route of historical significance providing essential services to Solent users, and we are pleased to be able to support its future.”

Just 11 months later, however, ferry operations were abruptly halted when severe damage was discovered on the Hythe Pier pontoon, preventing safe docking.

The ferry has been out of action since, leaving commuters, businesses and tourists without the vital connection.

As previously reported, owner of the pier cllr Ashleigh Mutimear-MacMillan, a Hythe and Dibden Parish Council member, launched a Crowdfunder campaign last month.

An estimated £250,000 is needed to carry out urgent repairs and bring the ferry back into service.

While Red Funnel has previously stated that it is committed to the service, the company has yet to provide a timeline for when – or if – the ferry will return.

A statement on the Hythe Ferry website said: "Red Funnel has provided significant investment, including a complete vessel refit and ongoing upgrade works.

"We anticipate the business will provide a level of funding to support the essential repair works, however as an independent business, the Hythe and Southampton Ferry Company must provide an indication of funding it is able to raise autonomously."

Prior to RF's purchase, Hythe Ferry had been owned and run by Blue Funnel Ferries since 2017.