Daughters and son to keep jobs in wake of takeover
Published 16/04/2011 | 05:00
Sean Quinn's four daughters and son are to keep their jobs in the Quinn empire in the wake of the takeover of the group by Anglo Irish Bank.
Anglo has indicated that it wants to retain their expertise in the group and believes that keeping them in their positions will help to build bridges with staff.
The news comes as Anglo prepares to gather further information on Mr Quinn's remaining assets after seizing control of his Quinn Group conglomerate earlier in the week.
All of Mr Quinn's children are employed in the Quinn Group and Quinn Insurance Limited (QIL), which is to be owned by Anglo and US insurance giant Liberty Mutual.
Several other family members, including a nephew of Sean Quinn and the husband of one of his daughters are also involved in day-to-day running of the businesses.
The five Quinn children co-owned the empire's main holding company, Quinn Group ROI, giving them a collective wealth of as much as €3bn before the crash.
This week's Anglo move means the entire capital of Quinn Group ROI now transfers away from the Quinn children and will be controlled by a 'share receiver' appointed by the bank.
While the Quinn children will no longer have stakes in the company, it is understood that Anglo is positively disposed to Quinn family members continuing in their day-to-day roles.
Sources described the Quinn family members as "professional and very capable" and say they can add value to the companies if they stay on in their roles.
Keeping the Quinn relatives involved in the business will also help build bridges with elements of the workforce who feel that Sean Quinn Snr was forced out of the group.
Colette Quinn is involved in the running of the Slieve Russell Hotel, which falls under the 'leisure' business seized by Anglo.
Her sisters Brenda, Ciara and Aoife work in the insurance arm of the business in Dublin, while brother Sean Quinn Jnr is employed by Quinn Insurance in London.
Aoife's husband Stephen Kelly works in an accountancy role with the Quinn Group, while Sean Quinn Snr's nephew Peter Quinn is head of the Quinn Group's property portfolio.
It is not yet clear if the family wish to remain involved in the group following the change in ownership -- a spokesman said they were not making "any comment" yesterday.
Anglo was able to seize control of the Quinn Group because its shares were pledged as security for a €2.88bn loan taken out by the Quinns.
The bank is also believed to have some form of 'personal guarantees' over Mr Quinn's other assets, which means he will remain liable for a significant amount of debt.
Anglo has yet to decide how to proceed with the relationship with Mr Quinn, but the bank is keen to establish a detailed picture of his remaining assets.
The preferred route is through a process of "co-operation", which could begin as early as next week.
No meetings between Mr Quinn and Anglo had been pencilled in as of last night.