Cork to Swansea ferry route suspended. Fastnet Line to be liquidated.
The West Cork Tourism Co-Operative Society Limited, owners of the Swansea-to-Cork service (Fastnet Line), announced on 2 February 2012 the closure of the service. The Cork-to-Swansea ferry service has been unable to raise adequate funds and it has failed its inspection. It will now be placed in receivership and/or liquidation later today with the direct loss of 78 jobs and expected losses of €30 million in direct tourist spending in the Munster region and over €20 million in the South Wales region. Noel Murphy, Chairman of the West Cork Tourism Co-Operative, in an address to staff, shareholders and supporters, said: 'Despite heroic efforts by staff and supporters of the ferry service in both Ireland and Wales, we are very disappointed to announce that we could not to save this vital piece of tourism and transport infrastructure. The Swansea-Cork Cruise Ferry provides the only direct passenger and freight link between the South West Region of Ireland and the South Wales Region in the UK and in doing so is a key generator of business, direct tourism and tourism related revenues for both regions. It will now enter receivership. 'We would like to thank our friends throughout Ireland and Wales who relied on the ferry service, and the visitors it transported, and who pledged hundreds of thousands of Euro. Unfortunately, these funds and the funds pledged by local council's in Cork and Kerry were insufficient to meet the required figure to achieve the proposed scheme or arrangement. Our efforts fell at the final hurdle.'