A ferry company, in which FBD Holdings plc owns a 70% share, is to be sold as a going concern.
The company operates a car ferry between Passage East in Co Waterford and Ballyhack in Co Wexford, and includes a 28-vehicle ferry and a commercial premises with offices, stores and a storage yard at Passage East.
FBD held a share in the business arising out of a legacy investment which is now considered non-core to the insurer. Founding shareholder and director Derek Donnelly is retiring from the business. David Kelly and Andrew Langford are the other two directors.
The company had a turnover of €1.6m in 2015, up 5% on the prior year. Earnings (EBITDA) has risen steadily over the past number of years, recording €587,000 in 2015, up 30% on the previous year.
The ferry operates seven days per week throughout the year, making an average of 106 sailings per day. It is mainly used by daily commuters and tourists during the summer months. The five-minute ferry crossing is estimated to save 90 minutes in journey time for round-trip commuters.
The FBD rollercoaster ride