Niall Quinn to guarantee firm, despite huge losses
FORMER Republic of Ireland striker Niall Quinn said he can guarantee the future of one of his businesses, despite it sitting on losses of €4.26m at the end of January last year.
Manorfield Taverns Limited, with a business address in Bagenalstown, Co Carlow, owed €5.47m at the end of January 2011, including more than €1m to Mr Quinn.
The Irish Independent understands Mr Quinn will write-off the debt owed to him. It is also believed that he is seeking to take full control of the firm, in which he already has a 50pc stake.
The latest accounts filed with the Companies Office cast doubt on the future of the company. But it is understood that Manorfield has now agreed with Carlow County Council for the local authority to take over an empty 15-unit apartment complex in Bagenalstown.
The Manor pub next to the development is also being leased out by the company.
The former footballer told the Irish Independent that he would be honouring his commitments. It is believed that about €3m remains outstanding from the company on the apartments, owed to Allied Irish Banks.
"There have been legal complications which will end imminently," Mr Quinn said.
"Contracts with Carlow County Council and the leasee of the licensed premises will kick in to place. I am happy to write off my debt and I will guarantee the business going forward."
Kildare-based auditors Montgomery & Co, which audited Manorfield, stated that the net assets of the company were less than half the amount of its called-up share capital.
They said Manorfield incurred a net loss up to the end of January last year of €869,864.
"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern," they said.
According to accounts filed with the Companies Office, Mr Quinn has given a written undertaking not to seek repayment of his loan accounts totalling more than €1m for the foreseeable future.
Mr Quinn is also a director of the newly formed Q-Sat, which provides broadband in areas of the country where there is no landline coverage.
It has not yet filed any accounts. He is also a director, along with his wife Gillian, of Niall Quinn Media Services Ltd.
Mr Quinn said Q-Sat was "ahead of target". "We've won some nice contracts and we open a UK office before Christmas. We have some very exciting stuff in the pipeline. We're going really well."