The Isle of Wight MP Bob Seely has revealed there may be some change of ownership at under fire ferry firm Red Funnel, and prices could be increased.

Eight of the company’s directors resigned on February 28, which the cross-Solent operator described as a ‘review’ into its board structures and memberships.

The changes were in support of its ‘fleet management’ programme’, with Red Funnel saying it was keen to ‘replace’ its ageing vehicle ferries.

Read more: Eight Red Funnel directors resign amid plans to replace “ageing ferries”

On Facebook, Mr Seely revealed there has been some discussion about the Red Funnel directors leaving the firm and what that means.

The Island MP understands Red Funnel “have some bank loads that are due to be repaid this summer or re-negotiated.”

Read more: Red Funnel CEO update as company apologises for Saturday’s chaos

Mr Seely said, in his opinion, the current owners of Red Funnel 'overpaid for the business', and it may be that some of them sell their investments after not getting the returns they were expecting. 

He posted: “There may be some change of ownership, but there will be new bank loans, which may well come at a higher rate than the current ones.

“This will result in more squeezing of revenue out of the company, i.e. higher prices, fewer services.”