Friday 2 December 2016

Assets that may face the auction block

Emmet Oliver

Published 12/04/2010 | 05:00

As Anglo Irish Bank struggles to convince the Financial Regulator of its takeover plan, the break-up of the wider Quinn Group could become a possibility. Here are some of the assets that could become available for interested suitors.

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Belfry golf course and leisure complex:

The only asset owned by the Quinn Group that could reasonably be called a "trophy asset" and may attract interest from middle-eastern buyers. Was bought in 2005 for Stg£186m (€211m) and capacity has been added by the Quinns since then. The course is most famous for its links to the Ryder Cup.

Quinn Energy:

This division is in the early stage of development and is unlikely to bring in a large bid. It mainly consists of windfarm assets in Cavan and Fermanagh, but the Quinn Group is also planning a large gas-fired power station at Toomes, Co Louth.

Quinn Glass:

This is a major part of Quinn Group's operations and would be highly attractive to buyers. Quinn Glass has two major plants -- in the UK and Northern Ireland -- and plans to expand its facility at Elton in Cheshire. The glass business is reasonably recession proof and Quinn holds a number of large contracts. Its expansion at Elton has been vociferously opposed by Irish rival Ardagh Glass, led by Irishman Paul Coulson.

Quinn Hotels:

This is a very large division, with hotels ranging from Cavan's Slieve Russell to the Hilton in Sofia, to Buswells in the centre of Dublin. The global economic downturn has hit this division hard and the various properties have had to discount their room rates to keep revenues up. Several hotels in Bulgaria and the Czech Republic are likely to be holding up better.

Quinn Building Products

This division has taken a huge battering from the recession. Quinn Cement is operating in an Irish market which is suffering from overcapacity, forcing the company to seek out export markets. Quinn Cement has two production facilities in Derrylin and Ballyconnell. While Quinn cement has a market leading position despite the tough environment, the collapse in building activity makes these assets less attractive.

Irish Independent

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