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4 March 2015, 16:02 | Updated: 4 March 2015, 16:07
Visit Cornwall will no longer get any funding from Cornwall Council in a bid to save money.
Members of Cornwall Council's Cabinet have given the go ahead for the creation of a Visit Cornwall Community Interest Company.
This means the tourism body will now be funded by the private sector, instead of receiving funding from the council.
From April the 1st, Cornwall Council will no longer provide funding to Visit Cornwall, as part of a bid to save £196 million over the next four years.
The council will provide £300,000 as a one off sum to support the transition to the new company with the new board.
Julian German, Cabinet member for Culture and Economy said "The private sector have been extremely positive and proactive in coming forward with a new model of delivery.
"I would like to thank members of the Visit Cornwall Partnership for working so hard with the Council over a short period of time to develop a new model of delivery which sees the private sector taking the lead on marketing Cornwall as a tourism destination in the future".
Cornwall sees 4.4 million visitors a year spending £1.794 billion in the local economy and supporting around 58,000 tourism related jobs.
Visit Cornwall currently represents around 950 businesses.
Malcolm Bell, Head of Visit Cornwall said "Following this positive confirmation from Cornwall Council I will now work with the private sector over the next few weeks to enable a smooth transition into a CiC.
"Our focus now is to put the structure and staff in place to ensure that from 1st April we continue to deliver award-winning destination marketing for Cornwall and our industry partners".