The MV Balmoral originally operated as a passenger and car ferry between the mainland port of Southampton and Cowes on the Isle of Wight, as well as conducting occasional excursion trips. As dedicated car ferries began to enter service, the Balmoral focused increasingly on excursion trips by the Red Funnel Line and, later, P&A Campbell until 1980, after which she was sold as a floating restaurant in Dundee, Scotland.
As the floating restaurant scheme did not succeed, the Waverley Steam Navigation Company Ltd purchased the vessel and undertook a major refit, converting Balmoral's car deck into an enclosed area subsequently used as a dining saloon. Following the completion of this refit, Balmoral returned to the Bristol Channel in 1986 to commence summer excursion cruising, both in the Bristol area and elsewhere in the UK.
Further work in 2002 saw Balmoral's original twin Newbury Sirron diesel engines replaced with pair of new Danish-built Grenaa diesel engines. In 2015, ownership of Balmoral was transferred to the MV Balmoral Fund Ltd, with the ship to be operated by its subsidiary, White Funnel Ltd., following a £300,000 refit.