Uber Boats by Thames Clippers nets £59m from Natwest and Santander
Uber Boats by Thames Clippers has secured £59m in funding from Natwest and Santander after experiencing a surge in passenger numbers since the Covid-19 pandemic.
The London river transport provider said the joint funding package would support plans for new vessels, pier upgrades and improvements to dry docking facilities.
“It’s vital that we have funding partners who are proactive and can provide us with financial support that allows us to deliver on our plans,” chief financial officer Liam Hather said in a statement.
“This latest agreement provided by Natwest and Santander will support our continued investment into our fleet so we can provide the water transport services which customers value and rely on.”
Founded in 1999 with just one boat operation, Thames Clippers has expanded to operate 20 high-speed river boots on the River Thames.
It announced a partnership with Uber summer 2020, which saw its ferries re-painted and enabled users to book trips via the Uber app.
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Passenger numbers have climbed steadily since Covid-19 and totalled more than four million people last year following a 10 per cent surge in 2023.
The company is hoping the additional funding will increase the number of clean vessels, water ferries powered by electricity, that it can operate on the Thames.
“As the UK’s biggest bank for business, we are delighted to support Uber Boats by Thames Clippers who are a real UK marine success story,” said Lawrence House, relationship director at Natwest.
“They deliver a vital transport link to the capital, while being mindful of their carbon footprint, and also re-invest into the UK by ordering new vessels from Wight Shipyard on the Isle of Wight.”
He added: “This facility will contribute to the improvement of transport infrastructure across the River Thames and London.
“Uber Boat by Thames Clipper provide a much-loved service to London commuters and visitors, and we look forward to working with them in the future.”
In October last year, Morning Wire reported that the company behind Uber Boat by Thames Clippers returned to profit in 2023.
Collins River Enterprises reported a pre-tax profit of £5.4m for the 12 months, having made a pre-tax loss of £4m in 2022.
It was the first time that the business has reported a pre-tax profit since the £1.6m it achieved in 2019.
The firm’s turnover also rose from £36.1m to £42m in the year.