Five consortiums competing for a new radio licence for the north-west outlined their plans for the youth service at a public hearing in Galway yesterday.

Fresh FM, which includes music impresario Louis Walsh, hotelier Brian McEniff and Pat McDonagh, managing director of fast-food chain Supermacs among its backers, is committed to spending €1 million on marketing the new station over the next five years if it succeeds in getting the licence.

With funding in place of €3 million, it plans to create 25 full-time and 12 part-time positions and launch the station in August 2007 if successful.

IRadio Limited, which is led by former chief executive of 98FM and Newstalk 106 Dan Healy, has capital funding of €3.4 million behind its bid for the licence. It plans to rely heavily on new technology and will have just one studio in Claregalway if successful.

It projects turnover of €1.3 million in the first year, rising to €2.5 million in year three when it aims to have 20 per cent market share of the 15-34 year old age group.

Rival Red FM's bid, led by former FM104 managing director Dermot Hanrahan, has capitalisation of €3.7 million, of which €3.3 million has been committed by the shareholders. Among the backers are The Irish Times Ltd and Thomas Crosbie Holdings.

Spin North West, which includes Denis O'Brien's Communicorp, Moya Doherty, Bernard McNamara and Padraig O'Ceidigh among its backers, is planning to invest €1.4 million in three fully commissioned studios and one outside broadcast unit.

The Vibe FM group, which is led by Tim Collins who has a wide range of radio and newspaper interests, has €3.3 million in shareholder funds. It anticipates generating revenues of €1.95 million in the first year, rising to €3.9 million in year five.