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Condor Ferries for sale

Ferry Online Travel News 26/01/2008

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The Royal Bank of Scotland is selling Condor Ferries.

The Royal Bank of Scotland recently decided to sell off Condor Ferries and is looking for a buyer to pay £300 million for the Channel Islands ferry operator. The bank purchased Condor in 2004 for £240 million and has sought the assistance of the Deutsche Bank in order to make the sale.

RBS does not report the earnings of Condor Ferries separately; however experts in the field estimate that the firm earns approximately £25 million to £30 million a year before taxes, depreciation and amortization.

Condor Ferries has conventional ferry routes from Portsmouth as well as catamarans which operate from Poole and Weymouth. HD Ferries recently launched similar services along the Channel Islands to France route and more competition may be expected in the future as well. Shortly after launching the Channel Islands service, HD was forced to abandon them, however.

It is thought that the sale of Condor Ferries is a result of RBS’s recent acquisition of ABN Amro which cost the bank £49 billion.

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