Get the latest news from Manx.News

Steam Packet chairman backs "positive" Government buyout plans

Wed, 09 May 2018

The Chief Executive of the Steam Packet Company says the Government's plans to purchase the company are positive proposals.

Treasury Minister Alfred Cannan will seek approval at this month's sitting to complete a £124m takeover of the ferry operator's parent company.

Mark Woodward hopes the deal will consolidate the operator and the Government's relationship and provide a long-term platform for investment and sea services that meet the needs of the Island.

He added that the proposals are positive for the Island's economy and the Steam Packet Company.

If approved, the Government will seek to put a new strategic sea services agreement in place within the next year.

---