Business Irish

Tuesday 20 August 2019

Quinn Group to be struck off, bringing an end to an era

Former billionaire Sean Quinn lost control of his empire
Former billionaire Sean Quinn lost control of his empire
John Mulligan

John Mulligan

It's truly the end of an era, with the Quinn Group - once the company behind the Sean Quinn business empire - about to be struck off the company register.

Businesses that were once part of the group are now held in a company called Aventas, which took over many of the manufacturing entities that were in the Quinn Group.

Aventas has applied to the Companies Office for the Quinn Group to be struck off as it has "ceased to carry on business".

The process will be complete when the High Court gives approval for the move.

It will mark all but the complete obliteration of the Quinn name from the business founded by former billionaire Mr Quinn, when he first started a quarry on his parents' farm in Co Fermanagh in 1973 at the age of 26.

He and his family eventually controlled firms whose activities stretched from cement, pubs, hotels and glass making, to insurance and property investment.

Sean Quinn lost control of Quinn Group and was bankrupted as a result of losses he suffered after his massive failed gamble on Anglo Irish Bank shares.

His investment was wiped out when the bank collapsed and was nationalised in 2008.

The finances of 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.

Mr Quinn had taken close to €300m from his insurance business via a loan to help cover the losses he incurred at Anglo, something he later admitted that he was wrong to do.

Mr Quinn is now acting as a paid adviser to the owners of parts of the former business.

Irish Independent

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