Administrator calms fears of job losses as Quinn sale nears
Published 14/01/2011 | 05:00
QUINN Insurance's administrators yesterday moved to calm fears of impending job losses, saying it was "envisaged" that job numbers would stay at their current level.
The comments come as the sale of Quinn Insurance Limited (QIL) reaches its final stages, with a deal expected to be struck by the end of the month.
Updating the High Court yesterday, lawyers for QIL's administrators said it was envisaged the insurer's staff would shrink from 2,454 to 1,628.
Those cuts have already been achieved through a voluntary redundancy programme that was announced last May, coupled with natural attrition.
On the same day, the administrators sent an email to all QIL's staff stressing that the three key objectives of the insurer's sale included "preserving the maximum number of jobs" and keeping business open in all regions.
Staff were fearful QIL's UK and Northern Ireland division would be closed, triggering up to 1,000 job losses.
"Although I cannot guarantee today that we will achieve those objectives, let me be very clear -- the alternative situation in which a sale does not proceed is not something anybody would wish to consider," the administrator's note added.
The court was told there had been "significant progress" in the sales process, with a preferred bidder to be announced by the end of the month.