London river bus service provider Uber Boats by Thames Clippers has secured a £59 million funding package from NatWest and Santander to support ongoing investment into its fleet and drydocking facilities.
The funding, which consists of £29.5 million from NatWest and £29.5 million from Santander, will support the business’ investment plans over the next few years. They include plans for new vessels, an upgrade to the pier infrastructure and improvements to drydocking facilities. It is hoped the investment will support the wider transport network in London.
The facility will also help the business to expand services and increase the number of clean vessels that they employ on the Thames. Clean vessels are water ferries which are powered by electricity.
Thames Clippers was founded in 1999 with just one boat in operation. Since then, the water transport provider now operates 20 high-speed Thames river boats, with two further vessels in build, as well as an all-electric cross-river ferry, offering services from all major London piers every 10-20 minutes.
Passenger rates have been steadily climbing following the Covid pandemic. In 2022 rates were 7% higher than pre-Covid levels. And in 2023, passenger rates grew by an additional 10%. Last year more than 4milllion people travelled with Thames Clipper and bosses are expecting continued growth.
Liam Hather, CFO at Uber Boats by Thames Clippers, said: “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. 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.”
