Businessmen team up to buy former Quinn Group

Thomas Molloy

A group of businessmen from the north-west have clubbed together in a bid to buy the former Quinn Group's manufacturing operations from the receivers for around €500m.

The three businessmen have created a firm called Quinn Business Retention Company to buy the businesses of Aventas Manufacturing Group. The men, from both sides of the Border, say they have got backing from overseas finance houses for their bid as well as the "moral" support of Sean Quinn.

Aventas is the owner of the former Quinn Group's glass, plastic, packaging and radiator manufacturers.

"We are in direct discussions with the management team at Aventas and their advisers with a view to purchasing the business outright," the businessmen said in a statement yesterday.

"A community-led, locally sponsored, rescue of the business has long been seen as the only workable way forward for the business that has been a mainstay of economic well-being in the communities of the Border region for almost 40 years."

The businessmen say they have the support of many of the previous executive team, including former chief executive Liam McCaffrey and the local workforce.

The business leaders said their prime objective was to keep the former Quinn Group whole, avoiding at all costs a breakup or piecemeal sale of individual businesses.

"I decided to do what many have been saying should be done for a long time," said John McCartin, who is one of the three businessmen, a local Fine Gael councillor and the chief executive of Newtowngore Engineering in Leitrim.

LOCALLY

"We believe that the only way forward here is to keep the businesses together and locally managed."

Cllr McCartin said they had held talks with the existing management about a possible bid and could probably offer more cash for the businesses than most other bidders, because they have the backing of the former management.

The trio have not yet seen the detailed figures on how Aventas is performing, so it is impossible to put a price on any bid, Cllr McCartin said.

The two other businessmen leading the charge are Ernie Fisher, who is a former managing director of Fisher Engineering, and John (Bosco) O'Hagan, who is the owner and managing director of the Specialist Joinery Group, which sponsors the Derry GAA team.

The three men are being advised by accountant Michael McAllister.

Irish Independent

http://www.northernsound.ie/news/trio-to-buy-quinn-manufacturing-operations/