By Emily Hudson

Copyright bbc

Their chairman, Patrick Seely, said their business plan committed to an every-30-minute service using smaller aluminium ferries made by Wight Shipyard.

He said they were still hoping to work with Njord Partners to talk about their “island first” long-term investment in the service, which had the “least cost operations”.

In its original statement, Jakob Kjellberg, founding partner at Njord Partners, said the company was “excited” to support Red Funnel’s next chapter and would be seeking to “restore its financial health and empower its people to deliver the reliable, efficient service that islanders and visitors deserve”.

It is unclear what the takeover will mean for the future of the Hythe ferry.

Red Funnel is the parent company of The Hythe ferry company, which has been out of action since August 2024.

Repairs are needed to the pontoon at the end of Hythe pier.

Njord Partners has been approached for further comment in response to the MPs’ criticism.