Belfast Telegraph

Big losses for ex-Quinn Group

By John Simpson

Gortmullan Holdings is the renamed Northern Ireland-registered part of the former Quinn Group.

The Quinn Group went into administration on March 30, 2010. The former directors were replaced in April 2010. As a result of the new financial circumstances and significant restructuring, the accounts, for the different parts of the group, have been registered slightly later than normally expected. The accounts for 2011 have only recently been registered.

In April 2011, control of this company was taken by the successor company to Anglo Irish Bank, the Irish Bank Resolution Corporation, itself now in liquidation. The scale of the turnover, losses and capital impairment are large by any comparative standards.

The Northern Ireland-registered company consolidates the results of a large number of businesses in several sectors in Northern Ireland, the Republic, UK, Germany and further afield.

The fall in the value of turnover, down by 35%, is largely the result of removing the turnover of businesses that were discontinued in the first year of administration whose sales were valued at €329m (£277m) in 2010.

Operating profits (or losses) in 2011 were heavily impacted by impairment and exceptional charges of just over €150m (£126m) in 2011, leaving a trading deficit of nearly €53m (£44.6m).

Restructuring caused a loss on refinancing the group of €115m (£96.9m) in 2011 which translated into a deduction in the profit and loss account.

Belfast Telegraph