UK’s Dover port chases private investment

The largest publicly owned British port needs private investment to pay for a new terminal.

The UK’s largest state owned port is looking for private investment to help fund expansion.

The Port of Dover plans to build a second ferry terminal on the Western Docks- a project which is expected to cost more than £400 million (€453 million; $589 million).

Project managers are looking at several funding options, including all debt financing and selling a stake in the port to private investors, according to the port’s finance director Tim Waggott.

In a recent report for the government, accountants PricewaterhouseCoopers said part-private ownership could make the port more attractive commercially.

On Friday Dover announced pre-tax profits of £16.6 million for 2008, down 24 percent from £20.6 million the previous year after a fall in traffic volumes.