Roses in red: Demise of Tralee festival denied

REPORTS that the Rose of Tralee Festival is about to go into liquidation were dismissed last night.

Plans are progressing to stage the 46th festival, on August 20-24, and some of the Rose contestants have already been chosen.

Reigning rose Orla Toibin said this year’s festival was definitely going ahead. “I’ve been reassured and I’m sure they would have told me (otherwise),” she added.

Up to 28 girls from Irish centres around the world compete in the annual show, which is estimated to attract €15m to Tralee.

A business group in Tralee, headed by local corporate planning consultant Anthony O’Gara, has taken over the restructuring of the financially-troubled event.

Mr O’Gara could not be contacted for comment last night but sources close to the festival said the legalities of the takeover were complex.

The restructuring, announced last February, is taking longer than expected and a critical part of the plan is to pay the festival’s creditors 30% of what is owed to them. Some of the creditors, who agreed the percentage, are still awaiting payment.

In February, Mr O’Gara, chairman of the rescue group, said the future of the festival was secure after 98% of creditors accepted the settlement terms offered by the company.

He said the process of settling with creditors and restructuring could proceed.

Earlier this year, the festival confirmed it had debts of €900,000, but said a number of commercial supporters had pledged more than €200,000, to be used to rescue the event.

It is understood the restructuring and transfer to the new company will also involve the winding up of the old Rose of Tralee company.

There have been persistent rumours about the festival going into liquidation, all of which have been denied by the organisers.

One of the main aims of the business group is to restructure the company and appoint a new board and management team.

Also, the group must raise cash to provide working capital for this year’s festival.

A new three-year business plan is to be formally agreed and work is due to start in its implementation.