Cork-Swansea ferry owners seeking brand sponsor

THE owners of the Cork-Swansea ferry service have begun seeking expressions of interest from companies interested in naming and sponsoring the ferry.

The West Cork Tourism Co-Operative Society has said that, as part of a wider process of drawing up a financial plan to exit examinership, it is developing “creative commercial opportunities” for companies, state and semi-state bodies or individuals to support the future of the service on both sides of the Irish Sea.

“At 270ft by 50ft, the vessel would be transformed into the largest mobile billboard in Ireland/Wales for two years,” a spokeswoman said. “The sponsor will be able to cover the entire facade of the MV Julia with their logo and branding.”

Last month, before it granted examinership, the High Court heard the Fastnet companies are insolvent with a deficit of €10.3 million on a going concern basis, rising to about €13.2m in a winding-up scenario. The court was told the Fastnet Line had been severely hit by rising oil prices, with fuel costing €18,560 per voyage.

The court agreed to continue its protection for the companies operating the ferry service to January 24 to allow for finalisation of a survival scheme.

Speaking about the latest business venture, Noel Murphy, chairman of the West Cork Tourism Co-Operative, said: “By providing the opportunity for investors to secure the naming rights of the MV Julia, we are offering an innovative and mutually beneficial avenue by which to raise funds for the ferry. The naming and branding of the only ferry service between south-west Wales and southern Ireland is a great way for investors to help ensure the survival of the service, while also achieving a tangible return on their investment.”

He said the co-op hoped the ship could sail with the name and colours of an iconic Irish/Welsh brand.

“Through a tremendous grassroots campaign, we have raised €677,000 as of today,” said Mr Murphy. “This has been raised by individual donors, passengers, shareholders, investors and local businesses. We still have to raise slightly under €1m and the revenue generated through sponsorship and naming rights will help greatly in our effort.”