Losses at Quinn Group hit €852m
Published 27/05/2011 | 10:30
The Quinn Group lost €852m in 2009 dragged down mainly by the insurance business.
Quinn Insurance is now in administration and is no longer part of the group but contributed largely to the €852m overall loss for that period.
The insurance business incurred losses of €644m due mainly to the firm’s entry into the British market..
Group chief executive, Paul O’Brien, said the numbers for the insurance firm are “hugely disappointing” while the future now lies in manufacturing, construction and packaging businesses across the globe.
Turnover at the group was €1.6bn, down from €2.2bn in 2008.
But he added that €104m earnings from that side of the business are encouraging and it remains competitive and profitable despite the difficult economic background.
The company announced a restructuring in April which is designed to give the business stability with the removal of over €500m of debt obligations from the manufacturing arm.
The Quinn Group is no longer run by founder Sean Quinn and he and his family have taken Anglo Irish Bank to court seeking damages from the state-owned bank alleging it failed to handle its affairs in a proper manner.
Anglo Irish Bank is owed some €2.88bn by Mr Quinn and his family.