Cross-Solent ferry firm Red Funnel has said it is seeking new investment to buy vessels - but confirmed it has no plans to sell any of its existing fleet.

The Bugle Street-based Southampton firm said it is in a 'competitive process' to raise investment from 'appropriate partners' amid reliability concerns and rumours of a sale.

Following further disruption with Red Osprey last week, the standard of the company's service has been thrown into question once again.

Chief executive Fran Collins told the Echo's sister paper the Isle of Wight County Press that the performance of the vehicle ferry fleet has been 'below expectations'.

She said the most 'obvious' solution is replacing ageing vessels.

She told the County Press: “Our vehicle ferries are 30 years old and the ultimate solution to upgrading our service is to replace them with modern, greener ships.

"We are currently engaged in a competitive process to raise investment for new vessels, and this process will enable us to fund a fleet that delivers improved reliability, comfort and more sustainable operations.

"We are committed to ensuring that that Red Funnel has appropriate partners to operate sustainably and responsibly for decades to come and we will keep our customers updated when we have more information to share."

Pressed on how the company intended to 'raise investment', Ms Collins said: "I cannot disclose commercially sensitive information but can reassure our customers there are no current plans to sell any of our vessels."

She said 'significant changes' have already been made to improve reliability on the vehicle ferry service.

"We continue to invest in our ongoing maintenance programme, as well as undertaking works ahead of manufacturer recommendations", she said.

"Some of the changes we have made also include increasing the range and number of spare parts carried directly to ensure quick and efficient repairs can be made, providing enhanced training in delivering vessel life extension, and carrying out in depth analysis of equipment to maintain performance.”

Ms Collins said she was 'pleased' the Red Jet has delivered strong levels of reliability in the latter part of the year.