UPDATED THURSDAY 10:11*
MORE details have been released about the company brought in to takeover the running of the Cowes Week Parade Village.
The Isle of Wight Council was forced to find a last minute replacement for Mainsail, the company due to run the village, after Mainsail went into liquidation last week.
An Isle of Wight council spokesman said today (Tuesday) it had reached a deal with a newly formed company, Taylor Events, which would mean the village would run as planned.
According to the Isle of Wight Council, Beth Taylor of Taylor Events Ltd has worked in the hospitality industry in London and the South Coast for 13 years.
"Beth, who lives in Cowes, has been involved in the running of The Parade Village during Cowes Week — including the Sail for Gold bar and the Deck restaurant — for the past eight years.
"Three years ago, when Mainsail took on the running of The Parade Village, Beth took responsibility for all operational aspects of the village including the bar, restaurant, entertainment and retail units and has been the Designated Premises Supervisor for the venue for all of this time.
"She has also managed a sponsor hospitality programme for the Olympic Sailing Team for two years during their Beijing Olympic campaign including events in Cowes, London and across Europe.
"Over the years here in Cowes, she has also been heavily involved in the management a number of large scale marine events during her career, including the Rolex Fastnet Race Village including a 24 hour bar for the finishing yachts in Plymouth, Commodore’s Cup Race Village and Round the Island regatta village."
The council said the deal had been welcomed by Aberdeen Asset Management Cowes Week regatta organisers.
Stuart Quarrie, Cowes Week Limited chief executive, said: "Following the news Mainsail had gone into administration, there was a very real danger that The Parade would have remained empty during Aberdeen Asset Management Cowes Week, which would have been a huge shame for the many thousands of visitors and local people who enjoy this venue each year.
"We are therefore delighted that the council has been able to swiftly reach agreement with a local company with a team in place that has a proven track record in event organisation and management to ensure The Parade will once again be a vibrant and no doubt popular part of the regatta.
"Having a Parade Village means there will again be a comprehensive programme of shoreside amenities and activity stretching the length of the town to complement the spectacle provided by the racing."
*Mainsail went into liquidation blaming dire turnout to its Bayside Festival in Weymouth, an event designed to cash in on large crowds expected for the Olympic sailing events.
Some traders owed money following the liquidation called the appointment of Taylor Events into question, because of her links to Mainsail.
Beth Taylor said in a statement today (Thursday): "I have not been an employee of Mainsail for over four years and neither am I, or have I ever been, a director or shareholder of the company.
"I have performed a senior operations role as a freelancer since 2008 for Mainsail and other companies.
"In fact, I and many of the individuals and companies I am working with to ensure the Parade Village goes ahead this year are substantial creditors of Mainsail. I am in the same position as others and am owed many thousands of pounds, so I have every sympathy with people in the same position.
"I, my contractors, and my team at Taylor Events Ltd are working extremely hard at this short notice, to ensure that Cowes Parade Village is successfully delivered on time and to ensure that it is a great success."