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Author Topic: Speedone  (Read 3814 times)
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« on: November 12, 2008, 12:17:21 pm »

Hi All

Bad news for Speedone - story from This Is Kent.co.uk
http://www.thisiskent.co.uk/news/SpeedFerries-facing-legal-battle-Dover-Harbour-Board-debt/article-467915-detail/article.html


"SpeedFerries facing legal battle over Dover Harbour Board debt

Wednesday, November 12, 2008, 10:05

DOVER Harbour Board is set to take legal action against embattled ferry firm SpeedFerries over a 'substantial' unpaid bill for use of the Western Docks.

Last week the under-fire company saw its only vessel SpeedOne impounded at the French port of Boulogne in a row over debts owed to authorities there.

The ship's seizure forced the no-frills operator to cancel all sailings indefinitely while it attempts to negotiate a settlement with the Boulogne Chamber of Commerce.

The ship is still tied up in Boulogne and talks between have not so far achieved a compromise deal to get the service running again.

Now industry sources have confirmed SpeedFerries, which is run by Danish entrepreneur Curt Stavis, is facing a fight with the authorities at the Port of Dover over what has been described as a "substantial six-figure sum".

Rumours at the port are suggesting a debt of around 250,000 in unpaid rent.

A spokesman for Dover Harbour Board refused to comment on the unpaid bill. He said: "It is company policy not to discuss customer relationships with the media."

See Ian's photograph of the Ferry @ http://www.shipspotting.com/modules/myalbum/photo.php?lid=709124

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Ferry-Man
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« Reply #1 on: November 12, 2008, 06:10:34 pm »

This is very bad for Speed Ferries, lets hope that can sort things out - they were planning to get a second craft, 'Speed Two', but this looks doubtful now.

If Speed Ferries can't pay off the money, which considering the amount of ferry companies that have gone bust in the past few months, what would happen to Speed One, considering that it is currently impounded by Boulogne Port...?

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Cedric Hacke
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« Reply #2 on: November 12, 2008, 06:49:23 pm »

Hi,

were Speed Ferries to go bust, they would have to sell Speed One and the rest of the companies properties to pay off the companies debts I guess. Once the debts have been paid, she will be released by the French.

I really hope Speed Ferries get a loan from a bank but in these times of financial crisis I have my doubts...

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Ferry-Man
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« Reply #3 on: November 13, 2008, 04:12:18 pm »

Speed One is now in administration:

Quote
Notice to all Customers: Speedferries Limited (in Administration)

The affairs, business and property of the Company are being managed by the Joint Administrators, A Swarbrick and T Burton, who act as agents of the Company only and without personal liability.

What has happened?
On 12 November 2008, on the application of the Directors, the High Court of Justice, Chancery Division, made an an Administration Order in relation to Speedferries Limited. Angela Swarbrick and Tom Burton of Ernst & Young LLP were appointed as Joint Administrators of Speedferries Limited.

The Administration is necessary because of Speedferries financial position and to ensure the best interests of creditors and customers are served.  The Administrators are currently exploring the option of selling the business as a going concern.

Customers
Crossings have been cancelled for 14, 15 and 16 November 2008 and customers are asked to wait for further information on future crossings and to keep any pre-booked tickets.

We will continue to keep you updated with developments in respect of the long term plans for Speedferries and notify you as soon as possible via the Company website if changes are proposed to be made which will affect your current position.

Suppliers
The directors are still the directors of Speedferries Limited. However, whilst the company is in Administration, we, the Administrators, are ultimately responsible for Speedferries Limited. The directors and existing management structure will remain in place and the directors and their existing management team will be involved in the day-to-day operations.

We will be working closely with management and whilst we explore the option of selling the business we do not envisage any major changes to procedures on a day-to-day basis.  Our objective is to sell the business as a going concern and to achieve this we will require your support during this process.

Press Enquiries
Any press enquires should be directed to Vicky Conybeer, Ernst and Young LLP media relations on 020 7951 0868.

Interested Parties
Interested Parties should contact Ernst and Young LLP.

Finally, we would like to re-iterate that our key objective is to explore the option of selling the business as a going concern and would ask for all of your support during the Administration of Speedferries Limited, whilst a buyer or buyers are sought for the business.  We shall keep you as fully informed of the situation as we are able as matters progress.

Angela Swarbrick and Tom Burton
Joint Administrators

The Institute of Chartered Accountants in England and Wales authorises A Swarbrick to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and The Institute of Chartered Accountants of Scotland authorises T Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of the Company are being managed by the Joint Administrators, A Swarbrick and T Burton, who act as agents of the Company only and without personal liability.


From www.speedferries.com

Very sad news.

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« Reply #4 on: November 17, 2008, 08:06:56 pm »

Thats what happens when you dont pay your bills :-o and they have the nerve to call the other ferry companies pirates!!
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« Reply #5 on: November 25, 2008, 09:19:42 am »

Hi All

As a follow up, courtesy of this is Kent.co @ http://www.thisiskent.co.uk/news/Speed-released-Boulogne/article-492265-detail/article.html

'Speed One released from Boulogne

Friday, November 21, 2008, 10:23

SPEED One, the SpeedFerries vessel seized by the port authorities in Boulogne earlier this month in a dispute over unpaid port fees, has been released.

The vessel left the French port last night to go to Tilbury. Administrators Ernst and Young are looking at options for selling the business as a going concern. It is believed there have been some shows of interest.

An update on the situation is expected to be released on Wednesday.

Speed One was seized two weeks ago after the Boulogne Chamber of Commerce took action over unpaid bills of some 800,000. Days after the arrest it emerged Dover harbour Board were also considering legal action over an unpaid bill of some 250,000.

Reports in French newspaper Le Semaine Dans Le Boulonnais say the company was hit with an operating deficit of 1.5 million euros, approximately 1.2 million, this year.

The firm, which was run by Danish businessman Curt Stavis, 47, has been struggling against rising costs, particularly for fuel, while trying to keep fares below the market average.

Customers have been told to "keep any pre-booked tickets" and wait for further information.

A spokesman for the Boulogne Chamber of Commerce confirmed Speed One left the port last night with the agreement of the chamber.

A Boulogne/ Dover ferry service run by French firm LD Lines is due to operate from the Eastern Docks from July 2009. The firm have also made an application to Dover harbour Board to run a Dover/Dieppe service from next January. The board are considering the application.'

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« Reply #6 on: November 25, 2008, 10:40:00 am »

Hasn't made much difference, though, she's just gone from being laid up in Boulogne to being laid up in Tilbury. Apanntley, there has been some interest in the company, so lets hope that some one puts her back in action soon.
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« Reply #7 on: November 25, 2008, 06:51:21 pm »

kiss good buy to speed one all staff are being laid off from 26/11/08. and there is no buys for the company  it the end off speed ferries.  julie
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« Reply #8 on: November 25, 2008, 07:21:19 pm »

Hi,

I guess this is the end for fast cross channel ferries in Dover until a new generation of vessels arrive. I hope the staff will find work with LD/Transmache in the future.

The vessel itself will probably end up in the Med somewhere I guess.

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Chris Allport
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« Reply #9 on: November 26, 2008, 01:59:13 pm »

How disappointing. Today's press reports that no buyer has been forthcoming and that Speed Ferrioes will now go into liquidation. Guess all the staff, both afloat & ashore are out of work. This is a real blow for myself and all the many other British residents in France who have supported SpeedFerriies since start-up in 2004 who will really miss this excellent and reasonably priced operation. They provided the first very real competion for the established operators including Eurotunnel at realistic prices. Expect that we can now expect P&O, Sea France etc to raise their fares back to the exorbitant rates until another low-cost operator takes up the challenge.. Just hope that LD keeps its fares at a reasonable level.   Chris Allport
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« Reply #10 on: November 26, 2008, 03:41:50 pm »

Hi,

I don't think that the prices will go up that much. Certainly in the current economical climate, they can't afford to lose much customers to the other.

If the current prices are sustainable, my guess is that they will keep them. Maybe even to attract customers who would have gone for Speed Ferries in the past.

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Cedric
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