Fundraisers expect to reach €3m target for ferry service restart

IT’S full steam ahead for fundraisers aiming to collect the €3 million required to refloat the Cork-Swansea car and passenger ferry.

“We will make our target,” was the upbeat prediction from West Cork Tourism chairman Conor Buckley, whose organisation is the driving force behind the mammoth fundraising effort.

A Finnish bank, which has agreed to provide a sizeable loan to purchase a new ferry, has given Irish fundraisers until tomorrow to come up with their side of the financial commitment.

As of yesterday, local fundraisers had collected €2.7m.

“There is a €300,000 shortfall, but we are very confident of getting that in time,” said Mr Buckley.

Adrian Brentnall, who is one of the fundraising campaign organisers, said during the last fortnight they mounted roadshows in Ireland and Britain in an attempt to reach the target.

“We’ve had nearly 10,000 visitors on the campaign website in the last two weeks alone. There’s immense support and interest for restoring the ferry service,” said Ballydehob-based Mr Brentnall.

“We’re not asking for donations. We want people to invest their money, which will be used by the co-operative to purchase a major share in the new ship.”

He said investors’ money is safeguarded by the legal structure of the co-op which will be formed.

Investors will also be eligible for discounted travel on the new ferry.

“To make it easier for everybody to get involved, we’ve just introduced a new online pledge system with all the necessary forms and instructions, together with an online presentation of the business case for the new service,” said Mr Brentnall.

The online system handled nearly €50,000 of pledges on its first day of operation.

It included a pledge from a ferry supporter in San Francisco, USA.

The basic unit of investment is €10,000 but the fundraisers say they will accept pledges of as little as e1,000 from people who would like to become part of a syndicate.

Pledges will also be taken over the telephone by contacting Paul on [phone], Stephen on [phone], or Nick on [phone].

Investors can also pledge online at www.bringback theswanseacorkferry.com

Swansea-Cork Ferries ceased operations in March 2007 and since then it is estimated that about e150m of tourism revenue has been lost to the south-west region.