SpeedFerries In Administration

Beleaguered cross-Channel ferry company SpeedFerries has gone into administration.

The firm ran into difficulties last Thursday when the Boulogne Port Authority seized its only vessel, SpeedOne, in a dispute over unpaid taxes and fees.

Talks were held between the two sides to try to resolve the impasse but it has been announced the company has been placed in administration at the request of the firm's directors.

Joint administrators Angela Swarbrick and Tom Burton, of Ernst & Young LLP, said they were exploring the possibility of selling the business as a going concern.

Ms Swarbrick said: "SpeedFerries Limited operates in a highly competitive industry and has been affected by a general downturn in the industry related to a reduction in customer travel over recent months and rising fuel costs."

Set up in 2004 as a low cost operator, SpeedFerries operates one route between Dover and Boulogne and employs around 150 people.

Crossings have been cancelled since last Thursday and customers were warned to expect further cancellations until November 16.

A statement from the administrators on the company's website called on customers to wait for further information on future crossings and to keep any pre-booked tickets.

It said the directors and existing management structure would remain in place and involved in day-to-day operations, but that the administrators were now ultimately responsible for SpeedFerries.

It said: "Our objective is to sell the business as a going concern and to achieve this we will require your support during this process."

15 November 2008