An anonymous south coast entrepreneur has acquired a 30-year old ferry which is set to become a floating bar at Port Solent, near Portsmouth, Hampshire.

The Shieldsman vessel first entered service between North and South Shields on the River Tyne in 1976, but was removed from the route in May 2007 when its operator, Nexus, introduced a new £1.9m ferry. Chief fitter on the Shields ferry, Bill Jackson, said: "She's been an excellent vessel to work on over the years and she is still in really good condition, even though she's now almost 33 years old."

During its operational life, The Shieldsman carried 10 million passengers across the River Tyne, and the vessel is expected to be moved to its new site in late January following the undisclosed deal.