Hi °C | Lo °C CEO: Paul O’Brien
Employment: 3,865
Turnover: £882.4m (est)
Pre-tax loss: £0.4m
Anglo Irish Bank, now known as Irish Bank Resolution Corporation, was appointed as share receiver to the whole Quinn Group, and its Northern Ireland registered subsidiary, in April 2011.
The scale of the turnover, losses and capital impairment are large by any other local comparative standards.
The Northern Ireland company remains a wholly-owned subsidiary of the Irish-registered Quinn Group.
More than 45 of the companies, including (until March 2010) the insurance companies, as well as healthcare, building materials and cement, glass, plastics, heating equipment, hotels, pubs and leisure facilities, are consolidated into this Northern Ireland holding company. The subsidiary companies included six hotels, pubs and leisure facilities.
Founder Sean Quinn was declared bankrupt in the Republic in January 2012 after having an earlier declaration in Northern Ireland annulled. Neither him, nor any of his family members who all held prominent roles in the company, have any role in the management of Quinn Group any longer.
Having made profits of £439m in 2007, the company’s success turned sour after investing heavily in Anglo Irish Bank’s shares, ironically the bank that lent to Quinn Group and which is chasing Sean Quinn for an estimated £2.3bn.
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