Rose festival rescued by last-minute donations

LAST-MINUTE pledges of up to €200,000 from local and national businesses helped rescue the crisis-ridden Rose of Tralee Festival yesterday.

A relieved festival chief executive Siobhán Hanley said there would, after all, be a festival this year and they hope to have major corporate sponsors.

However, the festival, €900,000 in debt, must first settle with creditors, who are being offered 30% of what they are owed.

Most had agreed to accept 30%, Ms Hanley said.

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.

A spokesman for the Government 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.

Money currently being raised would go to the creditors and, if they accepted the settlement terms, the festival would move on from there, Ms Hanley said.

“It [the €200,000] has come as a last-minute saviour and we’re 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.

“Many of the creditors have had a long association with the festival. They have been brilliant and we did not want to leave them in the lurch completely.

“By agreeing with the creditors, it will be possible for the festival to go on into the future and secure a new dawn for the event. The festival is being properly restructured and the next phase will be to put resources in place for 2004,” she added.

She said there had been a phenomenal response and a huge number of phone calls, including some from overseas, in the past few days from people offering to assist the festival.

She paid tribute to corporate planning consultant, Anthony O’Gara, and Tralee businessman, Jim Finucane, former chairman of the Jeanie Johnston project, for their efforts in saving the festival.

Mr Finucane said the 45-year-old festival should not be allowed cease due to its importance to Tralee.

Mr O’Gara has taken full responsibility for restructuring and refinancing the business. His primary short-term focus will be to:

Put money in place to honour the commitments made by the company to pay creditors 30%.

Restructure the company, appointing a new board and management team

Raise cash to provide working capital for 2004

Formally agree and start implementation of a new three-year business plan.

The job of picking roses is also expected to proceed in the coming weeks.