September 15, 2024
Brittany Ferries continues its recovery from the Brexit and Covid crises, with significant announcements marking the month.
Repayment of loans granted by the Regions of Brittany and Normandy during the Covid Crisis and Status of the State-Guaranteed Loan (PGE)
- In October 2020, amidst the Covid pandemic, Brittany Ferries received repayable advances of €30 million from the Brittany region and €35 million from Normandy to support its operations.
- The company is set to fully repay Brittany on 23rd October and Normandy in early November 2024.
- Repayments for the State-Guaranteed Loan (PGE) began in December 2022, with over a quarter (€33.4 million) of the €117 million loan already repaid.
- Nearly €100 million will have been mobilised over two years to significantly reduce the company’s debt, reassuring partners of its swift recovery and future projects.
Opening of Brittany Ferries’ capital to new Breton shareholders
- Post-Covid, the historic shareholders of Brittany Ferries decided to strengthen and open the company’s capital to new investors.
- In June 2023, CMA-CGM increased its capital share, reflecting the global shipping giant’s confidence in Brittany Ferries’ business model.
- In September 2024, eight new Breton companies joined as shareholders.
- These additions reinforce the company’s regional identity, with Breton cooperatives retaining a majority share of 75%.
New Horizon for Condor Ferries with Brittany Ferries
- In 2019, Columbia Threadneedle Investment acquired a 72.28% stake in Condor Ferries, with Brittany Ferries supporting the acquisition.
- Condor Ferries, linking the UK and France to Jersey and Guernsey, suffered significant financial losses during the Covid crisis.
- Brittany Ferries has taken a 51% controlling interest in Condor Ferries, making it the majority shareholder. Approval from the Jersey Competition Regulatory Authority for the increase in ownership to 51% was received on Thursday 12 September 2024.
- Brittany Ferries will implement its successful management practices and strong values at Condor Ferries, focusing on social responsibility for seafarers and a commitment to maritime decarbonisation.
- From September 2024, Condor Ferries will embark on a new chapter, strengthening the connection between France and the UK and supporting the development of Jersey and Guernsey.
