CIE to do sale and leaseback on Rosslare Port ?

[giftgrub]

It was reported in todays Sunday Business Post that one of the assets due to be sold by CIE in order to pay down debt is Rosslare Harbour, it mentions in the article that the port will be sold on a sale and leaseback basis and that one of the exisiting port users has expressed an interest.

No weblink as it is subscription only.

The article starts as:

http://www.businesspost.ie/

CIE in race to offload key assets

29 July 2012 by Pat Leahy

The CIE group faces a desperate struggle to shed assets and cut costs in the coming months, following last week's emergency injection of €36 million by the government.

[Collision-course]

Another terrible idea from an incompetent CIE management who have no idea how to run a transport operation , Rosslare is worth next to nothing in a sale for lease back deal , they either sell it outright as a going concern or dont sell it at all , anything else is a waste of time and money.
While a ferry operator would be a good choice to take over Rosslare , I suspect I know which company has expressed an interest in this and I would caution against the wisdom of selling port infrastructure to a ferry company in a duopoly position.

[Matt73]

A terrible state of affairs.  The articile suggests that an existing user is interested.  Stena?  They seem the only user large and wealthy enough to be able to afford it. 

Matt

[Collision-course]

Unless in the ultimate turn of events it is actually Celtic Link that is interested and why all is suddenly buddy buddy between CIE and Celtic Link LOL

[Matt73]

Unless in the ultimate turn of events it is actually Celtic Link that is interested and why all is suddenly buddy buddy between CIE and Celtic Link LOL

Well yes, but do they have the money? 

[loch garman]

Another terrible idea from an incompetent CIE management who have no idea how to run a transport operation , Rosslare is worth next to nothing in a sale for lease back deal , they either sell it outright as a going concern or dont sell it at all , anything else is a waste of time and money.
While a ferry operator would be a good choice to take over Rosslare , I suspect I know which company has expressed an interest in this and I would caution against the wisdom of selling port infrastructure to a ferry company in a duopoly position.

You dont know the figures here so you cannot conclude that its a waste of time and money.

Many sale and leasebacks are very successful. One example is tesco plc which does these the whole time. They release valuable cash which is mostly used to further expansion.
Rosslare europort is profitable so they are bound to use it to fill in the holes in other unprofitable holes.

Not all private companies get it right either. Think the situation with the privatisation of the british airports...or god forbid the fiasco with eircom  :D

[Collision-course]

I am all in favor of Rosslare Europort staying in state ownership , just not with CIE.

[giftgrub]

Not going to be easy to sell off, I would assume Stena have first refusal

see page 5 on this link

http://per.gov.ie/wp-content/uploads/Document-59-17-09-10.pdf

[loch garman]

Not going to be easy to sell off, I would assume Stena have first refusal

see page 5 on this link

http://per.gov.ie/wp-content/uploads/Document-59-17-09-10.pdf

thats very interesting..i never knew such a deal existed.

[Matt73]

Not going to be easy to sell off, I would assume Stena have first refusal

see page 5 on this link

http://per.gov.ie/wp-content/uploads/Document-59-17-09-10.pdf

thats very interesting..i never knew such a deal existed.

This dates back the old Fishguard and Rosslare Railways and Harbours company, which is enshrined in the Fishguard and Rosslare Railways and Harbours Act 1894. It took over the then bankrupt Rosslare harbour company.

Matt