Has The Quinn Group Finally Gone Bust? KingSpan Up 85%, Quinn Group Down To 0% Profit.

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 4^th 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%