| 16.8°C Belfast

900 Quinn staff to take redundancy

Close

Some 900 workers at Quinn Insurance have offered to take redundancy

Some 900 workers at Quinn Insurance have offered to take redundancy

Some 900 workers at Quinn Insurance have offered to take redundancy

Beleaguered Quinn Insurance says that over 900 employees have offered to take redundancy.

The staff put themselves forward after administrators told management they needed to massively reduce the workforce as the Financial Regulator had put a ban on some business.

"It is hopeful therefore that the voluntary-led process will mitigate a need for compulsory redundancies," the company said.

Affected workers are expected to be notified in the next fortnight.

"The restructuring is necessary to put the company on a firm financial footing," Quinn Insurance said.

"The employee representative structure currently in place is assisting in maintaining a stable working environment with employees continuing to focus on providing excellent service to its customer base."

The administrators had set a target for the company headcount to be cut according to location and job grade.

They were looking for the biggest chunk, 300 lay-offs, at Quinn Insurance's office in Blanchardstown, west Dublin. About 226 jobs were earmarked from the payroll in Cavan, 179 in Enniskillen and 109 expected to be let go in Navan.

Further redundancies have been planned in the Derrylin claims division in Co Fermanagh, the O'Connell Street branch in Dublin and English offices in Manchester and London.

The High Court in Dublin appointed Paul McCann and Michael McAteer of Grant Thornton as permanent administrators to Quinn Insurance earlier this month after Financial Regulator Matthew Elderfield raised concerns about the company's solvency levels.

PA