Rose of Tralee saved from wilting
The future of the internationally-renowned Rose of Tralee Festival was secured today after organisers received a last-minute cash injection.
Around €200,000 has been donated in the past day following an urgent appeal by festival co-ordinators.
The funds, raised by various local and national businesses, came just in time to save the event, based in Tralee, Co Kerry, from financial ruin.
Siobhan Hanley, the event’s chief executive, thanked creditors for their support and said she was delighted that a solid framework was now in place to proceed with the rescue process.
She said: “There’s still a lot of work to be done but liquidation has been averted and we are incredibly thankful for that.
“The next phase is to restructure the festival. It just was not working in its previous form but I am confident that it can only move forward from here.”
Restructuring consultancy Anthony O’Gara & Associates has now been given the task of rebuilding the business.
Its priorities include forming a new business plan to ensure the future of the festival is not put at further risk.
The annual event, which features women of Irish ancestry from around the world competing for the festival crown, regularly tops the ratings when televised live on RTE.
It is traditionally a celebration of Irish folklore and heritage.
The winner, who must be aged between 18 and 25, is expected to show awareness of her ancestry as well as impressing judges with the all-important “X-factor”.
Now in its 46th year, the contest costs around €1m to stage and attracts over 200,000 visitors who spend an estimated €25m in the Co Kerry town.
The winner of last year’s competition was homegrown Dublin Rose, Orla Tobin, but previous victors have hailed from countries across the world including the US, Australia and Italy.
Until yesterday the event’s future was in doubt as organisers had received no guarantees of financial support.
They had until the weekend to salvage funds before directors would have had to decide whether or not to put the company into liquidation.
Ms Hanley admitted she was not sure the event would survive.
She said: “We were seriously concerned. The festival is an important event not just locally but internationally and it’s a huge asset to the country.
“It has very strong links internationally and it would have been a shame to lose that.”
Organisers have been trying to put a rescue package together to save the debt-ridden company over the last three months.
A Government spokesman said there were no tourism funds available to clear the event’s debts. Almost €550,000 has been allocated to the festival since December 2001.
Verbal agreements were secured from a majority of the company’s creditors to settle for payments amounting to a third of the company’s debts, which total €900,000.
But the success of the rescue package was dependent on raising the necessary finance to repay the remaining debts.
Ms Hanley added: “It has come as a last minute saviour and we are delighted.
“We can only thank all of our creditors and the various sources which have come forward with the vital funds over the last two days."
