The owner of Carlingford Ferries has bought Passage East Ferry Company in Waterford.
The ferry, which links Passage East in Co Waterford and Ballyhack, Co Wexford, has an annual turnover of €1.6 million. Carrying up to 28 vehicles and 130 passengers, it sails seven days a week, with an average of 106 sailings per day.
Limerick-based Frazer Ferries, which is proposing a car ferry across the mouth of Carlingford Lough between Greenore, Co Louth and Greencastle, Co Down, bought the business following the decision of Passage East founding shareholder Derek Donnelly to retire.
The company currently employs 16 full-time staff, who will be unaffected by the sale. As part of the deal, the new owner will get the ferry and a commercial premises with offices, and stores at Passage East, Co Waterford
“The ferry is a long-established business and provides a vital service in the region,” said Paul O’Sullivan of Carlingford Ferries. “We look forward to working closely with the team as we embark on this next exciting chapter.”
The ferry has become an integral part of the local transport system. Not only does it cut shave a 90-minute journey for round-trip communters down to five minutes, it also links businesses in Passage East with Wexford shoppers, most notably the local Chinese takeaway Howay. The restaurant has a long-standing arrangement with Byrnes pub in Ballyhack, where it will deliver orders.
The proposed sale of the business was announced in December last year, and was said to attract strong interest.
"It is a smart investment for Carlingford Ferries, who are acquiring a profitable and cash-generative business," said Naoise Cosgrove, managing partner at business advisory firm Crowe Horwath, which advised on the sale.
