The charity behind plans to sink the Ark Royal off the coast of Torbay to create a money-spinning artificial reef has secured the £3 million bond needed to purchase the ship.

The latest announcement comes just weeks after Wreck the World, the charity behind the idea to see the Royal Navy's former flagship aircraft carrier sunk to create a reef, launched a public appeal to find the money.

It was announced on Tuesday that A&P in Falmouth, a global company dealing in ship repair and marine services, would foot the bill.

Peter Child, managing director of A&P Falmouth, said: "We are pleased to have agreed in principal to act as parent company guarantor, which in turn would see us preparing the ship as an artificial reef for divers.

"This is a credible project and would be a positive outcome for the iconic ship, as well as both the South West tourism and ship repair industries."

Michael Byfield, spokesman for Wreck the World, said the news had come as a pleasant boost to the charity's ambitions.

He said: "We are now a much more viable entity. We have all things in place: the money, the lease of the seabed, and now the security bond.

"We are even closer than ever to sinking the vessel."

Wreck the World has already pledged the £3.5 million needed to submit a tender offer for the decommissioned vessel.

The charity plans to sink the ship in Lyme Bay to create one of the biggest diving attractions in Europe.

The £3 million security "deposit" on the vessel, which A&P will now provide, will be returned by the Navy after the project is completed.

The project won the backing of Torbay Council earlier in the year and it is estimated some 500 people a day could visit the wreck, potentially pumping around £11 million a year into the local economy.

Mr Byfield said the charity had television companies interested in filming documentaries about the project, including the BBC, with the possibility of programmes being broadcast on the Discovery Channel, which has 431 million viewers per day.

He said: "I've had some companies suggest that this whole process could be made into a film.

"The Discovery Channel has mentioned a possible two-hour documentary, an eight-part mini series and even filming the actual sinking of the ship to be broadcast live on television.

"We should hopefully know whether our bid has been accepted by the end of January but now, more than ever, we are sure we've got it."