Council to invest €500k in new company which will operate major Limerick tourist attraction
LIMERICK City and County Council has secured approval to invest €500,000 in a new company which will take over the operation of King John's Castle later this year.
Discover Limerick DAC, a wholly owned subsidiary of the local authority, will assume operational control and responsibility for the tourist attraction on April 4, next.
A Heads of Agreement was reached with Shannon Heritage last June and following the completion of negotiations and due diligence, the terms of transfer have been agreed.
"All operations at King John's Castle including the employees of Shannon Heritage that are currently based in the castle will, therefore, be transferred to the LCCC wholly-owned subsidiary, Discover Limerick DAC, on April 4, 2022. This will be the first undertaking of Discover Limerick DAC," read a brief from director of service Gordon Daly which was circulated to all members of the local authority.
Approval was sought, and granted, under the provisions of section 66 of the Local Government Act 2001 for the sanctioning of a €500,000 equity investment in the for of issues Ordinary Share Capital.
"Initial working capital is required to facilitate the establishment of the company and the transition of King John's Castle into this new DAC," added Mr Daly.