Wednesday 21 March 2018

Quinn firms begin to name new high-profile directors

Founder puts failure of €3bn gamble on Anglo shares down to overly 'optimistic advice' and over-reliance on banking

New directors to Quinn Group Hotels include, Maldron hotel group chief Pat McCann (pictured),
Deloitte partner Rory O'Ferrall, and Paul McGowan, a tax partner at KPMG.
New directors to Quinn Group Hotels include, Maldron hotel group chief Pat McCann (pictured), Deloitte partner Rory O'Ferrall, and Paul McGowan, a tax partner at KPMG.

John Mulligan

The formal process of appointing new directors to firms within the Quinn Group has begun in earnest, with a number of new filings at the Companies Registration Office indicating changes were officially lodged within the past week.

Former Jurys boss Pat McCann, who's now chief executive of the Maldron hotel group, has been confirmed as a director of the Quinn leisure arm.

The Quinn Group owns hotels such as Buswells in Dublin, as well as landmark properties such as the Hilton in Prague.

New filings for Quinn Group Hotels indicate that new directors at the firm are: Pat McCann; accountant Rory O'Ferrall, who's a government-appointed public-interest director at Irish Nationwide and a corporate recovery partner with Deloitte; Paul McGowan, a tax partner at KPMG; Aidan O'Hogan, former managing director of Savills and past president of the Irish Auctioneers & Valuers Institute; and Richard George, a consultant with KPMG Ireland and the chairman of the New York-based International Ethics Standards Board for Accountants.

Quinn Group executive Dara O'Reilly was removed as secretary of Quinn Group Hotels and replaced by Bryan O'Neill.

Filings also indicated that Mr McCann has been appointed a director of Slieve Russell Hotel Property, as have all other individuals named above with the exception of Rory O'Ferrall. They've also been made directors of Slieve Russell Hotel Ltd.

New filings for Quinn Finance confirm the appointment of Ray Jackson of KPMG and Robert Dix, a former KPMG partner, as directors of the company.

Mr Dix is currently a non-executive director of stockmarket listed firm Siteserv, and is chairman of Opportune Capital and of sports retail chain Elverys.

Richard George, Bryan O'Neill, Aidan O'Hogan and Rory O'Ferrall have also been confirmed as directors of the company. The same directors have also been appointed to Quinn Finance Holding.

Last week Anglo Irish Bank appointed a share receiver over Quinn Group (RoI) assets, seizing control of a swathe of manufacturing, leisure and property assets.

Anglo has said it does not intend to sell off any core Quinn assets for at least five years.

Sean Quinn blamed his failed €3bn bet on Anglo Irish Bank shares on the "mistake" of relying too heavily on the Irish banking system and optimistic economic advice.

He described the decision by Anglo to appoint a share receiver as "the greatest upset for me and my family in my entire business career".

Pat McCann, who once headed Jurys, founded Maldron in 2007.

It manages a number of hotel properties around the country. Investment group TVC, which is headed by Shane Reihill, invested €10m in the venture but has written off virtually all of that investment.

Irish Independent

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