Friday 21 October 2016

Quinn leaves business that he founded - for the second time

Robin Schiller

Published 20/05/2016 | 02:30

Sean Quinn’s business empire collapsed in 2011
Sean Quinn’s business empire collapsed in 2011

Former business tycoon Sean Quinn has left the business he founded for a second time, following a mutual agreement with management.

  • Go To

Quinn Industrial Holdings Limited (QIHL) said a consultancy agreement that last year saw founder Sean Quinn and his son Sean Quinn Jnr come back to work as advisers to their former business had ended.

QIHL is the consortium that bought much of the former Quinn empire two years ago.

"As time has progressed, it has become evident that Sean's expectations for his role and the ownership structure of QIHL are at odds with the strategic direction of the businesses.

"Accordingly, it has been mutually agreed between the parties that QIHL's consultancy arrangement with Sean Quinn and Sean Quinn Junior will be discontinued, albeit Sean will have continued access to office facilities for his own personal use," staff were told in a memo from management.

"The Board of QIHL is pleased that it has been possible to reach agreement on this matter and we were keen that staff should hear the news directly from the company."

QIHL had brought Mr Quinn back into his former business for the first time since the company was taken over by receivers appointed by the former Anglo Irish Bank; however, relations between the two sides had become strained in recent months over the extent of Mr Quinn's role within the business.


A spokesperson for Mr Quinn did not respond for a request to comment when contacted by the Irish Independent.

The spokesperson was also asked if the decision to terminate Mr Quinn's involvement with QIHL was in relation to "abusive" threats received at one of the firm's premises last year. They did not respond to this query at the time of going to print.

Mr Quinn Snr previously issued a statement in which he criticised "abusive" threats directed at his former business interests - which are now controlled by QIHL.

In one incident, bullets were sent in the post to contractors working on windfarms.

A chilling handwritten message, accompanied by three bullets, was left near the company's premises during the week. The message ends with the words "Final warning".

The former Quinn group of companies has received various threats since Mr Quinn's empire collapsed in 2011.

Mr Quinn lost control of the Quinn Group and was bankrupted as a result of losses he suffered after his massive gamble on Anglo Irish Bank shares following the bank's collapse into a bailout and nationalisation in 2008.

The finances of the Quinn Group and Anglo Irish Bank had become damagingly linked as a result of the Anglo Irish Bank share investments, made through secret trading in so-called contracts for difference.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business