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Hovertravel

A flying start

We meet Neil Chapman, Managing Director of Hovertravel, to find out how he is investing in his fleet.

Find out how we could support your business.

Neil Chapman, Managing Director, Hovertravel

Hovertravel is a Hovercraft company that operates the fastest service between Portsmouth and Southsea and the Isle of Wight.

 

We’ve been operating for now just over 50 years and carry just over 1 million passengers a year.

 

We serve the business community, the local community and tourists alike.

 

We offer a very key part to the infrastructure to connect the island to the mainland.

 

The investment into hovercraft was a very important milestone for the business.

 

Our current hovercraft are in excess of 30 years old and we’ve invested into the future of hovercraft and the hovercraft industry.

 

We had to choose a partner that was aligned with our objectives. Barclays I have to say were absolutely aligned with what we were trying to achieve. What they offered us was an opportunity not only just to do the finance deal, but most important we wanted a relationship that understood our business.

 

Greg Gilbert, Relationship Director, Barclays

The business came to us two years ago with quite an ambitious plan to invest in two new hovercraft for the ongoing development of the business.

 

When we set out on this journey one of the objectives was to ensure that this hovercraft reduced the environmental impact. Those areas were noise, sea life, fuel use and so all of those have been met through very, very focused design and implementation.

 

When we made the lending decision to support Hovertravel one of the key elements that we considered was the societal impact that the provision of our facility was having. This is a key infrastructure link for Isle of Wight residents in terms of opportunities for employment on the mainland but also in supporting the Isle of Wight’s tourism.

 

Neil Chapman

Barclays support has been not just about the financing transaction and that stems from elements of sharing best practices whether that be through our reduced mobility, whether that be for training and all those areas that often Hovertravel may not have been able to have access to.

 

Greg Gilbert

We introduced our head of accessibility to Hovertravel to discuss the work that we’ve done within our branch network about customers that have reduced mobility and who are visually impaired. That best practice was taken to Hovertravel and delivered within their business for those customers that they engage with on a daily basis.

 

Neil Chapman

When we went to market our requirement was for investment into two new hovercraft. What we’ve got from Barclays is an awful lot more than that in our partnership going forward.

Hovertravel is the world’s longest running commercial hovercraft service providing critical infrastructure between the Isle of Wight and the UK mainland. Established in 1965, Hovertravel is the fastest way to cross the Solent.

Used by 1 million passengers a year, the hovercraft service supports tourism and the local economy.

Recognising Hovertravel’s ambition to invest in the future and embrace new technologies, Barclays provided asset finance to help bring two new ‘first in class’ crafts into its fleet.

Barclays has offered much more than anybody else has done in the past. We’re very proud of our relationship.

Neil Chapman

Managing Director, Hovertravel

This unique transaction required a deep understanding of the business, establishing a strong partnership between Barclays and Hovertravel.

By drawing on knowledge from similar sectors and our expertise in Accessibility, Barclays took a holistic view of the business suggesting further enhancements to improve the customer experience.

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