SpeedFerries in administration

BOULOGNE to Dover ferry firm SpeedFerries has gone into administration.

The beleaguered cross-Channel service hit problems last Thursday when its only craft, Speed One, was arrested by the port authorities in France in a dispute over unpaid port fees.

Yesterday it emerged the company also owe a considerable sum to Dover Harbour Board for the use of the Western Dock.

Crunch talks between the Boulogne Chamber of Commerce and SpeedFerries owner Curt Stavis began on Monday but failed to reach an agreement.

SpeedFerries staff were called to a meeting with Mr Stavis at the hoverport this morning and told the firm had gone into receivership. One staff member told the Express they have been asked to continue working, despite being told they won't be paid, as other firms have shown an interest in taking on the business.

This afternoon SpeedFerries issued a notice on its website to announce it has gone into administration.

The notice says: "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.

"On 12 November 2008, on the application of the Directors, the High Court of Justice, Chancery Division, made 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."

Crossings are cancelled until November 16 but customers are being asked to keep hold of pre-booked tickets in case of "developments."

The directors and existing management structure will remain in place and they will be involved in the day-to-day operations but administrators A Swarbrick and T Burton have overall responsibility for the company.

The option of selling the business as a going concern is being explored