£10m investment ensures Hovertravel is flying high

For the thousands of people who travel to and from the Isle of Wight to Portsmouth and   back every day, catching the hovercraft is the fastest way to travel.

Capable of making the journey across the Solent in just 6-8 minutes, the trip is a lifeline for those who commute on a regular basis, as well as holidaymakers keen to start their break; and plays a vital role in enabling the local economy.

Operator Hovertravel, the world’s only commercial passenger hovercraft service, marked its 50th anniversary in 2015, and followed that a year later with the launch of two new state-of-the-art passenger hovercraft.

Last July, the most decorated sailor in Olympic history, Sir Ben Ainslie, led the celebrations with a traditional dedication and blessing ceremony for the two new craft, which were proudly named Solent Flyer and Island Flyer.

The £10 million investment was made possible thanks to the support of Barclays.

Hovertravel managing director Neil Chapman says the fact that the Barclays team, led by relationship director Greg Gilbert, took the time to really get to know the business made it an obvious choice.

“One of the things that really impressed us was Barclays’ willingness to understand the business at ground level,” he said. “We have an extremely loyal workforce and operate as one big family; when Greg visited he told us he could feel our DNA and that was really important.

“We are a people business, we’re about longevity and are very focused on our future.  By working together in a transparent and open way, Barclays is helping us to achieve that.”

In particular, he says, the Hovertravel team has been able to take advantage of Barclays’ expertise in areas such as technology and marketing, as well as making adaptations for less able travellers thanks to advice from Barclays’ own accessibility team.

Both organisations are proud of their commitment to the green agenda and Chapman is keen to promote the environmental benefits of the two new craft, which include greater fuel efficiency and quieter engines, as well as a smoother ride.

“Travelling on one of our new hovercraft is very different to what it used to be,” he said.  “On a flat calm day you can make the crossing in just 6-8 minutes and from our new cabin you enjoy beautiful views over the sea.

“It is a fantastic route and the islanders, many of whom make this journey every day, really support us. Barclays is very supportive of our relationships with our customers and local communities and have also invited me to a number of seminars which have been really useful.”

Gilbert said:  “Hovertravel is seen as a key link for those who live on the island and, when they came to us with an ambitious plan to replace their two existing craft, we spent a lot of time talking to the management team and the manufacturer to really understand how important this service was and what they were trying to achieve.

“We were delighted to be able to support them, both in this investment and in growing the business by sharing best practice and ideas for the future.”

Hovertravel, which has 85 employees, boasts a 98% reliability rate and operates an average of 66 journeys a day, carrying around 15,000 passengers and their belongings – including pets and the occasional swan – every week.

Chapman is keen to grow market share and says the investment in the new hovercraft was a key step in the right direction. Other initiatives include Fly Drive packages which allow both locals and tourists alike to leave their cars behind and simply pick up a hire car at either side, an option he says is both faster and often cheaper than taking your own car on the ferry.

With Barclays’ backing, a forward-thinking management team and the support of the community, the Hovertravel brand looks set to fly faster than ever before.

Neil Chapman
01983 717700
neil.chapman@hovertravel.com
hovertravel.com

Greg Gilbert
07766 360062
greg.gilbert@barclays.com
barclays.com

Barclays is a trading name of Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No 122702). Registered in England. Registered number is 1026167 with registered office at 1 Churchill Place, London E14 5HP. May 2017.

The views expressed in this article are the views of the author alone and do not necessarily reflect the views of the Barclays Bank PLC Group nor should they be taken as statements of policy or intent of the Barclays Bank PLC Group. The Barclays Bank PLC Group takes no responsibility for the veracity of information contained in the third party guides or articles and no warranties or undertakings of any kind, whether express or implied, regarding the accuracy or completeness of the information given. The Barclays Bank PLC Group takes no liability for the impact of any decisions made based on information contained and views expressed.