Quinns in plan to keep troubled firm in family
Published 14/05/2010 | 03:20
A close family member of Sean Quinn is planning to purchase the crisis-hit Quinn Insurance.
It is understood the ambitious plan, if successful, is the only way to keep the troubled firm in the Quinn family.
Sources say serious negotiations have been under way for a “considerable time” about a deal involving members of Mr Quinn's family and American investors.
It is believed several potential investors in the United States have been approached by representatives acting on behalf of the Quinn family regarding a takeover bid.
Peter Quinn, brother of Sean, refused to rule out a family bid: “There isn't a move by the family at the minute but that's not to say there won't be any in the future.”
Since Quinn Insurance was placed into permanent administration three weeks ago around 46 multi-national companies are believed to have come forward expressing interest in the company.
But the family are keen to retain control of Quinn Insurance. Sources say that keeping the firm in the family has always been the case and that the plan has always been to have the business back within six weeks of entering permanent administration.
A source close to the Quinn family said: “I know representatives are actively seeking investors from New York but before a takeover could be granted, the prospective buyers would need to ensure the administrators that not only could they afford to take over the business but that the balance of the business was efficient.
“Clearly at the moment it is not efficient which is why it went into administration in the first place.”
A Quinn spokesman said: “The Group have no comment to make on this.”
Sean Quinn and his wife Patricia stood down from the board of Quinn Group Limited last Wednesday. The businessman said his decision was based on his need to concentrate in the short-term on family interests outside of the Quinn Group, in particular on the interaction of those interests with the troubled Anglo Irish Bank.
In a statement, he said: “After 37 years of sustained development Quinn Group Limited has a mature, professional and skilled executive as well as a very experienced and independent board.
“The Group is extremely well invested and is strongly positioned to meet all of the challenges ahead.
“The Group management and staff in all areas are second to none as has been demonstrated in recent times.
“For now I want to concentrate on Quinn family interests outside of the Group and bring all outstanding matters to a satisfactory conclusion in that regard.”