Monday 19 March 2018

Sean Quinn leaves Quinn Industrial for the second time

Sean Quinn Photo: Gerry Mooney
Sean Quinn Photo: Gerry Mooney

Donal O’Donovan

Former business tycoon Sean Quinn has left the business he founded for a second time, staff were told today.

Quinn Industrial Holdings Limited (QIHL), a consortium that bought much of the former Quinn empire two years ago, said a consultancy agreement that last year saw founder Sean Quinn and his son Sean Quinn jnr come back to work as advisors to their former business has ended.

“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.  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,” 

Sean Quinn will continue to have access to QIHL office facilities for his own personal use, staff were told in a memo from management.

QIHL had brought Sean Quinn back into his former business for the first time since the former family business 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.  

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business