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Quinn to begin role as adviser to manufacturing group bearing family name

Seán Quinn, the former billionaire and head of the Quinn Group conglomerate, is to make his comeback in Irish business this week as a paid adviser to a new manufacturing business headed by a number of his former executives.

A consortium of local businessmen in the border area including Fine Gael councillor John McCartin and former Quinn Group chief executive Liam McCaffrey, known as Quinn Business Retention Company (QBRC), has acquired certain assets from the former Group.

Earlier this year, QBRC signed a memorandum of understanding with the former Quinn Group — rebranded Aventas since its takeover by the Irish Bank Resolution Company (IBRC) — for the sale of the packaging and construction supplies business and had been undertaking due diligence on the transaction before closing the reported €90m deal.

“We are delighted to have reached an agreement with Aventas for the acquisition of the [construction industry supplies] and packaging businesses we are excited with the prospect of returning of these businesses that we had previously worked in and managed,” Mr McCaffrey said in July.

Mr Quinn’s level of remuneration has not been disclosed and at present he is the only member of the Quinn family that has been approached to get involved with the newly named Quinn Industrial Holdings Ltd, according to reports over the weekend.

The new company is hoping to capitalise on the support that Mr Quinn has given it to date and encourage him to help in every way, according to the reports.

Quinn Industrial Holdings was registered as a company in November 2014, according to documents filed to the Companies Registration Office.

In addition to Mr McCartin who will be a non-executive board member and Mr McCaffrey, the new company’s chief executive; former Quinn Group finance director, Dara O’Reilly and former Group development director, Kevin Lunney are also set to return to play a part in the running of the business.

Mr McCaffrey recently signalled the consortium’s intent to return the Quinn name to the Irish business landscape saying that there is currently an issue with the use of the name Quinn Group and as such Quinn Industrial Holdings would be the company’s name until such time as the original name could be restored.

Aventas staff moved out of the company’s headquarters on Friday with the new owners set to move in today.

Having built his business empire over decades, Mr Quinn lost it all during the financial crash with IBRC’s decision to appoint administrators and eject Quinn and his family from their business in 2011 meeting with strong opposition from members of the public in counties such as Cavan and Fermanagh — strongholds of the former Group.