Quinn Insurance job cuts revealed
Around 900 Quinn Insurance workers will lose their jobs as part of a major restructuring of the embattled firm, it was revealed today.
Administrators said the massive cuts - hitting more than a third of the company's 2,400-strong workforce - were needed to safeguard the business's future.
The redundancies will be offered on a voluntary basis and are expected to take place over a 12-month period across all of Quinn Insurance's centres.
"This is a difficult announcement to make and a considerably more difficult announcement for the workers of Quinn Insurance to hear. The scale of what we face is considerable," joint administrators Paul McCann and Michael McAteer of Grant Thornton said.
"Unfortunately, this process is necessary in order to sustain and grow a viable insurance business."
The announcement came as parent company the Quinn Group signalled its intention to sell the beleaguered insurance arm.
Earlier this month, the High Court in Dublin appointed Mr McCann and Mr McAteer as permanent administrators to Quinn Insurance after Financial Regulator Matthew Elderfield raised concerns about its solvency levels.