Kate Beecroft MHK says she still believes the government overpaid for the Steam Packet.

The Liberal Vannin leader was Health Minister during much of the early talks within the Council of Ministers about buying the ferry company.

However, she notes that at that time, the agreement to seek the purchase of the company was ’only in principle’.

Mrs Beecroft added that when the potential purchase of the Steam Packet was discussed, she supported the idea, which is backed by cabinet papers released by our freedom of information request, which showed unanimous support within CoMin.

However, as more information became available, including the March release of the harbours strategy, she believed ministers failed to see the ’bigger picture’.

Mrs Beecroft said: ’I believe the timing of the purchase was wrong and that we should have looked more into the harbours strategy before the purchase.

’As a result of the timing, I believe we overpaid for the company, we should have left it later and bought it for less.’

However, Mrs Beecroft’s strategy goes against the advice given to CoMin in July 2017 by Thames Head Shipping Advisers Limited (THSAL).

agreement

THSAL suggested that if no agreement was forthcoming, the owners of the Steam Packet would seek to maximise profits and pay off any debts before the end of the user agreement in 2026 and that the largest shareholder Novo Banco would likely sell the company to a US private equity fund.

Mrs Beecroft said that while the island now owns the Steam Packet, the bigger concern now is the new Princes Half-Tide Dock which is due for completion in 2021.