KingSpan is a similar company to the former Quinn Group in many
ways but how things have changed over the past few years for both companies.
While KingSpan continues to build on its market share, good productivity, a well-run
business, Quinn Group has gone in the complete opposite direction.
The latest figures make dejected reading for the new Quinn Group
management while KingSpan continues to grow stronger even in these recessional
times. So the question is why?
The latest figures show KingSpan up 85% while Quinn Group
has completely fallen through the floor now at 0%.
The first quarter was catastrophic for the QG and the second
quarter forecasts are also disastrous but as expected the 4th quarter
will be better. Now we all know how the forecasts from Quinn Group have gone
since the takeover by Anglo.
The past year we have seen the sell-off of a wide range of all
types of assets and this was added to the company books to make the company appear
profitable. Now that they have nothing to sell the books cannot be cooked so
easy but I’m sure they will find a way.
"What I fail to understand is why the bondholders and whoever
else has shares allow this to continue as they must be well aware that they
have a very poor management team in place and no matter what they do only seems to make matters worse" (The present
management are fundamentally out of their depth and have no idea what to do)
Do the shareholders really believe the figures that the present
Board are presenting them? Could they be
that susceptible? So what is the itinerary?
Is someone else in control? They can keep kicking the ball down the road but
the future for The Quinn Group and the border region will not gain much by
fireside sales.
The disintegration of the Quinn Group would be calamitous
and will breed nothing but antagonism and condescension for any new owners in
the community as has been witnessed in the past weeks.
Was the sale of Quinn RoofTiles just an exercise to test
the waters for something larger as basically it’s worth very little?
Why would any company with any realism want to buy into
RoofTiles unless perhaps they were promised something greater such as a Cement Factory?
The biggest problem anyone buying any of Sean Quinn
companies is lack of raw materials. While we all know that there is no scarcity
of raw material available in the area, the local farmers will not deal
with the present management.
That’s leaves them in a dilemma and with right of way and other objections the future for any company trying to grab
Quinn Group properties will find it hard going.
So from a hostile takeover things started to go seriously wrong.
The former chairman Pat O’Neill dreamed he could run Quinn Group once Sean Quinn
was off the scene and perhaps after few months unrest everything would be ok. “That’s
what he thought he believes his dreams”. That was mistake number one.
Any good strategist knows well when the odds are against you
then you retreat and fight a war of nutrition that no invading force has ever
won. (The Border Community has made sure
that this war of nutrition is far from over) They tried to belittle Sean Quinn by leaving him basically
homeless and they made sure their media poodles in Dublin would keep pumping
their slanted viewpoints and are we not still hearing it every day at the Anglo
trial as each one takes the dock each is heard to say “we had no other choice
Sean Quinn was going to break the country”.
They thought they had Sean Quinn completely ostracised but that
failed when 10,000 people appeared on the streets of Ballyconnell with many
famous GAA people supporting him. A meeting that
was only arranged on the previous Thursday night. That
was some shock and when it was done again a few weeks later they finally had to
admit that their propaganda machine was not as powerful as they thought.
All of this made
potential and existing customers weary of dealing with any of the Quinn Group
of Companies.
They conducted a witch hunt among the Directors and Senior Management
and anyone else they knew had any loyalty to Sean Quinn. (The
people that knew how to run and manage a large international company were
turfed out)
They sacked staff and when taken to court they had to pay
out huge sums in compensation. They then
started to bring in their friends for a share of the booty. All did well from this looting of Quinn
Group.
Not bad for a company that was supposedly broke according to
Paul O’Brien that it took 3 years before it finally succumbs to its final destiny, unless?
So is it any wonder that while KingSpan
makes 85%
Quinn Group makes 0%
2 comments:
Paul o Brien a man who never did anything for anybody is completely lost at sea. He will forever be remembered at the person who started with everything and lost a fortune.
His family should be proud of him ???
In the fullness of time he will be investigated and if justice prevails be charged and convicted of fraudalance preference carving up the quinn group to his former director colleague Kevin Lagan and others.
How could the bond holders be so stupid, I wonder if it is their money or investors.
More bad bottles been sent back to the glass doing a good job we noel
Post a Comment