Port of Dover to privatise in order to secure £400m for expansion projects
Monday, 08 February 2010
The expansion plan involves the construction of four new ro-ro berths
The board of the Port of Dover has written to Transport Secretary Lord Adonis asking for his approval of its privatisation plans. This is needed under country’s the 1991 Ports Act.
UK newspaper, the Daily Telegraph reported the sale will attract private equity firms, infrastructure funds and other port players it has an envisaged a price tag in £300m and £350m range.
Bob Goldfield, the port’s chief executive, told the newspaper that the port has not come under any pressure to privatise. “We just think this is the time in our history to change our structure,” he said. “A lot of things have come together, including the need to deliver new infrastructure.”
The move will secure the port’s future and fund further expansion, which will be necessary as an increase in cross-Channel volumes has been forecasted.
The estimated £400m development of the Western Docks involves the construction of four new ro-ro berths.
