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Monday 22 January 2018

Quinn Group considers closing quarry with loss of 12 jobs

Laura Noonan

Laura Noonan

THE Quinn Group's new management last night confirmed they were "considering" closing a Galway quarry and making 12 staff redundant.

The move would mark the first closure and layoffs at the Quinn Group businesses since they were taken over by Anglo Irish Bank and lenders last April.

Anglo initially vowed to protect all jobs. But the bailed-out bank later gave up the veto on job cuts as part of a deal to remove an extra €250m of debt from the group.

The bank asked other lenders to relieve the group of the €250m of debt -- in exchange Anglo agreed to give up its veto on job cuts.

Sources last night said the bank would be powerless to block the mooted Galway cuts, because Anglo is now only able to veto cuts of more than 10pc of the staff in any Quinn Group unit.

The cuts may also revive local ill-feeling against the Quinn Group takeover.

Irish Independent

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