Shareholders may invest to save Cork-Swansea ferry

SHAREHOLDERS of the West Cork Tourism Cooperative may invest further in the Cork-Swansea ferry operation in order to see it through examinership.

Voting on motions concerning the examinership of the Fastnet Line and an agreement to source additional funding for its continuation at a special general meeting yesterday, shareholders passed both “virtually unopposed”.

A live video link connected Skibbereen’s West Cork Hotel to Swansea for the meeting.

An investor is required for the examinership to succeed as the Fastnet Group faces debts reported to be over €10 million.

Independent management consultant for the Fastnet Line, Padraic O’Kane said shareholders were largely supportive of the examinership process.

“The shareholders of the co-op are in line with the thinking of the examinership and fully support it, that’s not just a huge boost for what we are trying to do but for any further potential investors we are trying to bring in.

It would be commercial suicide not to keep the co-op on — they are the heart and soul of it on both sides and initial reactions are good,” he said.

Shareholders of the co-op face possible dilution of their initial €10,000 investment in 2009 to reestablish the Cork-Swansea ferry.

“The West Cork co-op will stay part of it, whether dilution of their shares occurs with a new investor or not,” said Mr O’Kane.

The MV Julia, bought two years ago for €7.8m, is to be revalued as part of the examinership process.

Core staff of the ferry service is down to six on board the MV Julia. Five remain at Fastnet Line offices in Ringaskiddy, managing bookings.

Mr O’Kane said the appointment of a sales and marketing manager is critical. “It’s a role that’s not been given the seriousness of what is it to date, we will be looking to fill it very early in 2012.”