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Brittany Ferries Buys Condor Ferries


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Jonno - I think you have a short memory.  Condor Express and Condor Vitesse both ran two round trips per day. Express ran from Weymouth to CI to Poole to CI to Weymouth, leaving Weymouth at 0730

Slightly economical with the truth there, Mr Luxon.  Of course she has no problems maintaining the schedule she has now ended up with, because Condor has reduced its demands on Liberation to one rotat

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I wonder if BF did get them, would they consider running Barfleur to the Channel Islands... I cannot imagine they would be a fan of running another fast craft. They could use some of barfy's idle time to run an extra rotation to Guernsey or Jersey... she is one of the most economical in the fleet,

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1 hour ago, hf_uk said:

I wonder if BF did get them, would they consider running Barfleur to the Channel Islands... I cannot imagine they would be a fan of running another fast craft. They could use some of barfy's idle time to run an extra rotation to Guernsey or Jersey... she is one of the most economical in the fleet,

 

Barfy would need to lose quite a bit of weight to fit into the CI ports - she’d get wedged in..😉 Check the size of that small sailing craft getting a shifty at her - she is a lot bigger than one thinks.

563AB18E-A6D5-42E2-ABC1-74F1C9A7A7C3.jpeg

Edited by Khaines
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Presumably then only the NEX could help to consolidate things? If BF used NEX all year round, serving CI ports too, do you think that would mean they could do away with the Rapide? Would NEX hold up running year round in terms of engines/maintanence?

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Guernsey RoRo berths max length is 135m and a max permissible draft of 5.5m. The two RoRo berths at Jersey are 136m with a max permissible 6m draft.

At Macquarie's current valuation, around £270m, I can really see anyone buying Condor especially as their turnover is less than Merseytravel's ferries linking Liverpool to Birkenhead & Wallasey.

Condor's asset value has dropped to £2.6m since 2016 and turnover is around £6m (£5.9m to be more precise).

Compare that to Wightlink which was sold for £300m, their turnover in 2018 was £61m.

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New Zealand tried a fast craft across the Cook Strait all the year round, that didn't work so they passed it on the Isle of Man. They can't use it all the year round either. B/F doesn't use Normandie Express all the year round either. Liberation all the year round hasn't been a howling success either and so Condor owners are bailing out. Penny has dropped.

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7 minutes ago, jonno said:

Guernsey RoRo berths max length is 135m and a max permissible draft of 5.5m. The two RoRo berths at Jersey are 136m with a max permissible 6m draft.

At Macquarie's current valuation, around £270m, I can really see anyone buying Condor especially as their turnover is less than Merseytravel's ferries linking Liverpool to Birkenhead & Wallasey.

Condor's asset value has dropped to £2.6m since 2016 and turnover is around £6m (£5.9m to be more precise).

Compare that to Wightlink which was sold for £300m, their turnover in 2018 was £61m.

BF are shrude though. They would likely get a good deal and possibly be more interested in keeping other operators out, rather than having much interest in Condor's current operations

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Jonno, where on earth did you get those figures from.  Turnover £6m asset value £2.6m???  Condor passenger numbers are around 350,000 there on board spend will be about £20 per head alone.  Freight rates to the CI's are some of the highest in the world, between Clipper and Goodwill there is lane meters of around 2200 per day in each direction.  I believe usage is around 80%, so they must be receiving tens of millions in freight revenue.

Are you sure you are not looking at one of their subsiduaries

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25 minutes ago, northsaul2 said:

Jonno, where on earth did you get those figures from.  Turnover £6m asset value £2.6m???  Condor passenger numbers are around 350,000 there on board spend will be about £20 per head alone.  Freight rates to the CI's are some of the highest in the world, between Clipper and Goodwill there is lane meters of around 2200 per day in each direction.  I believe usage is around 80%, so they must be receiving tens of millions in freight revenue.

Are you sure you are not looking at one of their subsiduaries

It must have come from this website. Near the bottom it says the company has 4 employees!! Is this some sort of shell company which just maintains the trading name? It's certainly not the core of Condor's business. 

https://www.google.com/url?sa=t&source=web&rct=j&url=https://uk.globaldatabase.com/company/condor-ferries-limited&ved=2ahUKEwjSkun3woXjAhWG3OAKHXXaDtUQFjAFegQIARAB&usg=AOvVaw3cj8Gum8jHICfjZxTkVx8o

Ed

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14 minutes ago, Cabin-boy said:

It must have come from this website. Near the bottom it says the company has 4 employees!! Is this some sort of shell company which just maintains the trading name? It's certainly not the core of Condor's business. 

Condor Ferries Limited - Road Haulage.

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What are people's general view on this? I am genuinely quite excited at the possibility of a merger/expansion of BF operations, but do you think that it happens the brands / operations will remain totally separate?

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3 hours ago, Cabin-boy said:

Is that passenger turnover only or including freight? It seems ridiculously low to me. Ed. 

These are the most recent figures I can access. These are 2018 year end figures and do not differentiate between pax or freight, they are consolidated.

Number of employees, 129.

Turnover, £6,376,893.

Post Tax Profit, £12,431.

Total Assets, £2,626,901.

Net Assets, £2,617,901.

Return on Capital Employed (%), 0.48%. Debt to Capital (%), 0.34%.

 
1 hour ago, northsaul2 said:

Jonno, where on earth did you get those figures from.  Turnover £6m asset value £2.6m???  Condor passenger numbers are around 350,000 there on board spend will be about £20 per head alone.  Freight rates to the CI's are some of the highest in the world, between Clipper and Goodwill there is lane meters of around 2200 per day in each direction.  I believe usage is around 80%, so they must be receiving tens of millions in freight revenue.

Are you sure you are not looking at one of their subsiduaries

The sale does not include Morvan Fils Voyages or Morvan Fils Transit, the only subsidiaries, which together had a turnover of €8.3m in 2018.

 

 

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20 minutes ago, jonno said:

These are the most recent figures I can access. These are 2018 year end figures and do not differentiate between pax or freight, they are consolidated.

Number of employees, 129.

Turnover, £6,376,893.

Post Tax Profit, £12,431.

Total Assets, £2,626,901.

Net Assets, £2,617,901.

Return on Capital Employed (%), 0.48%. Debt to Capital (%), 0.34%.

 

The sale does not include Morvan Fils Voyages or Morvan Fils Transit, the only subsidiaries, which together had a turnover of €8.3m in 2018.

 

 

£12k profit? Deborah Meaden would say "on yer bike" :)

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Just now, hf_uk said:

£12k profit? Deborah Meaden would say "on yer bike" :)

I was trying to edit and add a bit more but left it too long...

The liabilites are £34m which is probably the balance of the £50m for Liberation.

The ships don't form any part of the valuation due to amortisation.

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1 minute ago, jonno said:

I was trying to edit and add a bit more but left it too long...

The liabilites are £34m which is probably the balance of the £50m for Liberation.

The ships don't form any part of the valuation due to amortisation.

So what % of the ships would the new owner 'own' ?

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These companies like Condor and the Steam Packet should be a licence to print decent money if managed properly. That's why they end up in the hands of people like Macquarie who are happy with polishing them and turning up the returns over time to, at some point, get an exit at a good multiple. But the real long term strategy may not be their thing, hence Condor have been buying in the bargain basement bin. l'd be a little nervous buying like this as there's potentially deferred preventative maintenance and certainly deferred investment there. I'm sure BF know that even without any due diligence work.

Bringing the Channel Islands services back in the hands of a proper shipowner who does it because that's what they do has to be a good thing. The amount of debt BF would need to take on is big at a time they're making a lot of other commitments but the rewards of further tying up the Western Channel must be worth it. 

How much security of tenure do Condor have/what's left on any licenses to operate? That's what BF are buying after all not so much the physical/floating assets which BF management will probably not be particularly impressed with and largely reflect the sort of mindset you'd like to think they would seek to change. 

In terms of financials the ones I'd like to see are the consolidated accounts for MEIF II Channel Islands Transport Holdings Limited, registered in Guernsey. That's Macquarie's overall vehicle for their Condor investment and presumably what BF would seek to buy. The UK entities appear to be just agency companies, don't own the ships, don't hold the debt and don't show the profits so anything taken from their financial statements isn't too much use.

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So is this the same BCIF, the one registered at Plymouth? BCIF's holding company Channel Island Ferries Ltd (which I presume Condor and Commodore never bought in 1994) became Channel Island Ship Management Ltd. which owned and crewed the MV Havelet while operating for Condor and was registered in Jersey after subsidiary BCIF ceased trading. They still owned Purbeck too. Not sure which year that company was wound up nut again interesting to see BCIF as still bring in existence. 

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5 hours ago, hhvferry said:

How much security of tenure do Condor have/what's left on any licenses to operate? That's what BF are buying after all not so much the physical/floating assets which BF management will probably not be particularly impressed with and largely reflect the sort of mindset you'd like to think they would seek to change. 

The agreement with Condor appears to run through until 2024 (although Jersey has a get-out clause that takes effect in 2021). That gives BF or any prospective buyer only 5 years at best to prove their business model and, crucially, order and introduce new ships to hopefully convince the authorities to grant a further licence. 

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bbc.co.uk/news/world-europe-jersey-28300584&ved=2ahUKEwjUq4SRrYbjAhWh4YUKHVAYC2kQFjAGegQIARAB&usg=AOvVaw09cYvXPvW-vIw72WH6Zh9J

Ed

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