BES investors are being sought to fund the establishment of the Republic's first publishing house for original fine art prints.

Mr Michael O'Reilly, owner of the Lemonstreet Gallery off Grafton Street, Dublin, and a former corporate lawyer and former chairman of the National Gallery, is seeking up to €350,000 in BES funding to set up the new business.

Former Irish Permanent chairman Mr John Bourke will be chairman of the new company, Lemonstreet Press, which aims to publish original prints by major Irish and international artists for sale here and abroad. "We are seeking to raise up to €350,000 of equity on the basis that our investors will qualify for full tax relief," said Mr O'Reilly.

If the business was successful, investors would have the opportunity to sell back their shares after five years at a price that gave them a 14 per cent per annum compound return. The Lemonstreet Gallery, which Mr O'Reilly set up in March 2000, sells fine art prints to the general public and the corporate world.

Mr O'Reilly said the development is a natural one for his gallery which, he said, has a strong and growing customer base.

Mr James O'Nolan, the former director of the Graphic Gallery, Dublin, is to join the board of the new company.

He and Mr David O'Donoghue, a fine art dealer and consultant, were considering a print studio venture and will become involved with Lemonstreet Press. The press will invite Irish and foreign artists to produce original print editions.