Red Funnel has quashed rumours that the business has gone into administration.

Recent Facebook posts from Island residents have been discussing rumours that the business had gone bust.

However, Red Funnel confirmed in a statement to the County Press that this is "absolutely not correct information".

In March, eight directors stepped down from the Red Funnel board as part of a plan to replace the operator's "ageing vehicle ferries".

In a statement, Red Funnel cited the change being in support of their "fleet replacement programme".

“Red Funnel, like most companies, periodically reviews its board structures and memberships, and the recent change is in support of our fleet replacement programme," it said.

“We are keen to replace our ageing vehicle ferries to ensure we continue to provide our essential lifeline services for decades to come and to support residents and visitors alike with modern, greener and more customer-friendly ships.”

The ferry firm has been beset by problems this week due to Red Eagle being out of service with a technical fault.