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West Cork Tourism Co-Operative Society Limited is pleased to announce the purchase of cruiseferry, the Julia, for a consideration of €7.8 million. The Julia, which will operate under the Fastnet Line brand, will arrive in Cork in the coming weeks to proclaim the dawn of a new era for the South West region. Fastnet Line Limited is a 100% wholly owned subsidiary of West Cork Tourism Co-Op.

Senator Daly said "re-establishing this sea bridge to Wales is vital for tourism and jobs in Kerry".

West Cork Tourism began their campaign at the beginning of the year and raised €2.6m to get the Cork to Swansea route back up and running. Finnish bank Aktia Bank and its finance company, Aktia Yritysrahoitus Oy, has supported the acquisition through the provision of a loan of €6.3 million.

The Julia, built in 1982, has sailed several routes in the Scandinavian Peninsula. The vessel has 10 decks with maximum capacity for approximately 440 cars and 30 freight vehicles and the total passenger capacity of the vessel is 1,860. The Julia has a fine array of restaurants and bars, a childrens’ play area and a cinema, as well as over 300 passenger cabins, rendering her particularly suited to the night crossing between Cork and Swansea.

The Julia will commence service on the Cork to Swansea route in March 2010 and expects to enjoy strong demand from both tourist and freight customers. Fastnet Line believes that it will contribute greatly to the development and promotion of tourism in Cork, Kerry and surrounding areas, bringing thousands of tourists directly to the region annually, and will also contribute to the development of Irish tourism into Wales. In addition, Fastnet Line will provide hauliers operating in Ireland and the UK with a viable sea crossing alternative for freight activity between the regions, potentially reducing round trip road journeys by over 600km.

Funding of €2.5 million is now required in addition to the balance of funds raised still held by the Co-Op to fund the working capital requirements of the business and to facilitate the development of the infrastructure of the organisation in the period prior to and after launch in March 2010. In that regard, there are now opportunities to invest both in the Co-Op and in Fastnet Line. The Co-Op will be arranging a series of roadshows in the coming weeks to brief members and prospective new members on its plans.

Commenting on the acquisition, Conor Buckley, Chairman of the Co-Op, said "We are delighted to be in the position to officially announce the purchase of The Julia and the commencement of the Cork to Swansea route in Spring of next year. The coming weeks and months will continue to be crucial to us to gain the working capital to aid the development of the organisation so we are looking forward to meeting with potential investors from all over the South West Region and beyond."

Investors are being offered the opportunity to participate in what the Co-Op believes will be a key business in the Cork and Swansea regions for the long term. A business which will bring rewards to its stakeholders not only in financial terms, but also in terms of bringing business to the regions it serves.

Welcoming the news, Ieuan Wyn Jones, Minister for the Economy and Transport, of the Welsh Assembly Government said, "The resumption of the ferry service will reinstate an important link between Wales and Ireland which has the potential to bring economic benefits to both countries. Its value to Swansea, in particular, and to Wales in general, is recognised from a trade and tourism perspective and will also enhance our international links with Ireland."

Also welcoming the news, Niall Gibbons, Chief Executive of Tourism Ireland, the organisation responsible for marketing the island of Ireland overseas, said: "As an island, direct, convenient and competitive access services are critical to achieving tourism growth. We look forward to working with the West Cork Tourism Co-Operative and Fastnet Line through our marketing campaigns, to help stimulate demand for the service in the all-important GB market and grow tourismbusiness in the south west.

Mikko Piirtola of Aktia Yritysrahoitus Oy said, "We are very pleased to begin this new partnership with West Cork Tourism Co-Op and very much appreciate the Co-Op ethos as we ourselves started as a community savings bank 175 years ago. We believe that the intention to create economic benefits both in Ireland and Wales through increased trade and tourism will ultimately mean a successful ferry business in the long term."

MV Julia General Characteristics

Year of Build: 1982

Gross Tonnage: 21,699

IMO Numer: 8020642

Length: 153.4 metres

Extreme Breath: 24.24 metres

Draught:5.82 metres

Lane Metres:710 metres

Main Engines: 4 x Pielstick 8 PC2-5L

Diesel Generators: 2 x MAK 8m 332AK(1200kw) , 2x MAK 6M 332AK (900kw), 1 x Caterpillar V8

Service Speed: 20.0 kts

Wave Height Restriction: 4.0 metres

ENDS

For further information, contact Mark on 086 8032816