Belfast Telegraph

Quinn Group looks east with €30m DIY store

By Thomas Molloy

The Quinn Group, which owns everything from cement makers and Quinn Health Insurance to hotels and chemical companies, has opened a €30m (£24.6m) do-it-yourself store in the oil-rich Russian republic of Bashkortostan.

The Cavan-based group, which was founded by Co Fermanagh man Sean Quinn, has invested in hotels and shopping centres in eastern Europe and India.

The company announced it had opened the store in the Bashkortostan capital Ufa, close to the city's existing Ikea store.

Quinn Insurance was placed in administration this year.

The new store is being let by Castorama, a French DIY chain that is ultimately owned by Kingfisher, which owns the B&Q chain in the UK.

Bashkortostan is twice the size of Ireland and has a population of four million. It is home to Russian firms such as Gazprom and Sistema, which controls oil, energy and metals industries.