The Bank of Scotland is providing £10million to help SpeedFerries buy their craft Speed One.

As previously revealed in the Dover Mercury, the company is now buying the 86-metre catamaran which is has been leasing for the last four years. The craft is costing £13.5million.

SpeedFerries, founded in 2004 by husband-and-wife team Curt and Annemette Stavis, operates a service between Dover and Boulogne.

Shortly after opening its new fast-ferry terminal at the former hoverport, SpeedFerries entered the inaugural Bank of Scotland Corporate £25million Entrepreneur Challenge and immediately caught the eye of the Bank’s Kent-based commercial usiness team.

Allan Shilling, director of commercial business for Bank of Scotland Corporate in Kent, said: "SpeedFerries has had tremendous success since it shook up the market in 2004 with its low-cost crossing model.

"We were only too happy to help fund the purchase of Speed One."

Mr Stavis, chief executive officer of SpeedFerries, said: "We’ve built up an excellent relationship with Bank of Scotland Corporate since entering the Entrepreneur Challenge last year, and we’re delighted that they’ve provided us with a financial package to buy Speed One."