Quinn Group
Encyclopedia
The QUINN group is a business group
headquartered in Derrylin
, County Fermanagh
, Northern Ireland
. The privately owned group has ventured into cement
and concrete
products, container glass
, general insurance
, radiators, plastics, hotels, and real estate. It was formed by its Chairman Sean Quinn
in 1973, developing from a small quarrying operation in Derrylin
into the large organization, employing over 8,000 people in various locations throughout Europe
.
Since 2004, the Group saw great expansion throughout Europe
, with radiator and plastic manufacturing plants in the United Kingdom
, Germany
, Belgium
, France
, Spain
and Slovakia
. The QUINN group property portfolio also includes hotel and business centres in Poland
, Bulgaria
, Ukraine
, Turkey
, and Russia
. Quinn-direct Insurance has commenced trading in Belgium
and the Netherlands
and work is currently underway on a new chemical facility in Leuna
, Germany
. Its first venture into the cement industry was in 1989. Its general insurance arm, QUINN-direct in was launched in 1996. The commissioning of its first container glass plant was in 1998 and the acquisition of the health insurer Bupa Ireland Ireland took place in 2007.
On 30 March 2010, following an application by the Central Bank of Ireland, the High Court appointed joint provisional administrators to Quinn Insurance Limited. According to the Irish Independent
, eight subsidiaries of Quinn Insurance provided guarantees of €1.2bn to cover Quinn Group’s debts, prompting the Central Bank to seek the appointment of provisional administrators in the High Court. The Quinn Group has taken action to counter the moves by the Central Bank, mobilising its employees into street protests, financial discussions with its creditors, in an effort to seek a resolution to the uncertainty created by the appointment of provisional administrators to Quinn Insurance. On 15 April 2010, the Irish Times
reported that Quinn Insurance decided not to fight the appointment of a permanent administrator.
On 23 April 2010, employees of the insurance branch of the company were told that around 800 jobs out of the 2,400 strong workforce would be lost. The decision came in light of the Financial Regulator's decision to partly restrict Quinn Insurance's dealings in the UK. Staff were told that the full details regarding the potential job losses would be revealed to them at the end of the month.
In April 2011 a share receiver was appointed by Anglo Irish Bank
over the holding company of Quinn Group, taking control of the group from the Quinn family. The family is contesting the appointment of the share receiver.
Despite the reported profit of €69.9 million in the year to December 2008, Quinn Group's shareholders equity fell by over €220 million in the year, partly due to a €200 million distribution and other recognized losses that were not applied to the Income Statement but appeared directly in shareholders equity. Over the 3 year period to December 2008, Quinn Group revalued upward its assets and investments by a net cumulative €306 million, which positively impacted shareholders equity. Over the same period it took a charge to equity of a net cumulative € 312 million due to adverse exchange rate movements.
Further complicating the financial picture of Quinn Group's financial statements is a collection of other related party transactions. In the year to December 2008, Quinn Group reported an income of €150 million from the Quinn family and related entities, for services provided by the Group including: "the identification of sites for acquisition and development, the negotiation of purchase price, the negotiation and arrangement of financing, the engagement of developers and related professional advisors and the ongoing monitoring of the projects through the construction phase." For accounting purposes, these incomes, totaling €221 million in 2008, would have been included in the income statement that lead to the reported profit of €68.9 million in the year to December 2008.
At the end of December 2008, the Quinn family and related undertakings had loans of €891.3 million to Quinn Group (ROI) Limited. The annual report for 2008 states in the "related party transactions" section that Quinn Group had taken a total of €888m of provisions related to loans given to family controlled property companies, investment and finance companies, and other family controlled companies. Of these provisions, €785.6 million related to the investment and finance companies which includes Quinn Finance Holdings, the entity that owned an economic interest of 15% in Anglo Irish Bank
. Provisions of €888m accounted for against the €891m of loans, may indicate the family and the related entities may be unlikely to repay over 99% of these loans to Quinn Group.
and the surrounding counties with quarry and concrete products.
QUINN Rooftiles commenced production in 1982 with a purpose built factory at Gortmullen, Derrylin. This first plant was commissioned in 1982. However due to market demand a new factory built on the existing site commenced production in 2001 and was expanded again in 2005. Quinn Rooftiles maybe considered as a major supplier to the construction sector throughout Ireland
. QUINN Prestressed began producing prestressed concrete products in 1984. All of these products are used in a range of domestic and industrial building applications. QUINN Lite produces lightweight thermal blocks. The blocks are for use in the construction internal and external walls above and inner and outer leaves of cavity walls. QUINN Lite Pac, Granard
, Co. Longford was founded in 1975 to produce and distribute expanded polystyrene thermal insulation products for the construction industry. The product is an expanded polystyrene board for insulating floors. A large proportion of this product is used in the insulation of commercial, industrial and domestic buildings.
QUINN Therm, at Scotchtown
, Ballyconnell
, Co. Cavan was commissioned in October 2004 to produce and distribute rigid polyurethane thermal insulation products for the Irish and UK market. Quinn Therm produces rigid foam board for cavity wall insulation
. QUINN Tarmac was established in 1994 to produce a range of blacktop products. QUINN Cement has been in production since 1989 at its Derrylin site using local raw material from the quarry facilities. Given the increasing demand generated from the construction sector over the years, a second plant was commissioned in 2000 in the northern part of the Republic of Ireland, outside the small town of Ballyconnell and close to the Northern Ireland border.
QUINN Plastics is a supplier of transparent plastic sheet products (formerly known as Barlo Plastics). Barlo Plastics was created in 1998 by the merger of 4 plastic sheet producers and further expanded by another four sheet extrusion companies in 1999 and 2000. In 2004 Barlo Plastics was acquired by Quinn Group and renamed as Quinn Plastics. With their headquarters based in Derrylin
, Co. Fermanagh the company has operating facilities in Belgium
, France
, Germany
, Spain
, Slovakia
, the UK and the Czech Republic
. Quinn Plastics produces 90,000 tonnes annually and employs over 700 people. In 2005, the company purchased a start up business, known as Polyex in the UK which is now the base for their Alfreton production site. Quinn Plastics provide products for many different applications including building and construction, interior design and safety.
In May 2004, the Quinn Group acquired the Barlo Group PLC. This led to the announcement of the formation of Quinn Plastics on January 1, 2005. The company’s main business lies in the production of domestic and industrial products. In 2005, the company purchased a start up business, known as Polyex in the UK which is now the base for their Alfreton production site.
QUINN Chemicals is currently constructing a plant to manufacture methylmethacrylate (MMA) in Leuna
in eastern Germany
. However, construction has been put on ice as of January 2009 due to 'heavy cost overruns' and 'deteriorating market conditions'. Some work is continuing on the site which will be ramped up towards completion when world market conditions improve. At full capacity, the new plant will produce approximately 100,000 tonnes of MMA a year for the world market. The plant will produce many different products including glazing, sanitary products, lightning, display, and household goods.
QUINN Packaging (trading as Barlo Packaging until 2004) has been servicing the food industry with rigid packaging since the 1980’s from its plant in Newbridge
, when the dairy spreads / yellow fats markets initially emerged.. Quinn packaging also has a factory in Ballyconnell, built in 2006, that produces food trays, film and thin gauge sheet for the food packaging industry.
As a large user of electricity within its manufacturing base, QUINN Power constructed a five megawatt wind farm in 1995 on the Slieve Rushen Mountain, which nestles behind the core-manufacturing base of the Group at Derrylin
. This was further complemented in 2004 by the addition of a 13.5 megawatt wind farm at Snugborough, Ballyconnell
, Co. Cavan. The power generated is fed into the National Grid. The Group is in the planning stages of further developments in this area. These are set to include a €300 million , 450 megawatt combined cycle gas turbine in Co. Louth which has been approved & fast tracked by An Bord Pleanala under the states Strategic Infrastructure Bill. It will be one of the biggest power stations ever built in Ireland and will supply up to 8% of Irelands peak demand and is set to come online in 2010 despite the slump. Plans for a similar project in Co. Galway are at a 'pre-consultation stage'. Quinn Environmental also operate a small 500 kW Landfill Gas
utilization plant at their Lisbane landfill site in Tandragee, Co. Armagh which supplies energy to the NIE grid.
In 1998, the Quinn Group moved into the container glass market, with the establishment of QUINN Glass, which manufactures glass containers for the food and beverage industries with operations in Ireland and the UK. The first plant went into production at the end of 1998 producing a full range of flint, green and amber containers. The plant is based in Derrylin and employs over 370 staff with an annual production capacity of 720 million containers. This is expected to increase to 830 millions units in 2008 with the completion of a furnace rebuild at the plant. Quinn Glass are one of only a handful of plants worldwide where bottles can be manufactured and filled on a single site, it features one of the largest automated warehouses in Europe, capable of handling 282,000 pallets of filled and unfilled glass containers.
In 2005, Quinn Glass expanded, and built a second plant at Elton, Cheshire
creating over 550 new jobs. The glass container plant in Elton is one of the most sophisticated in the world, producing 20 percent of glass container requirements in the UK. The site provides a comprehensive glass packaging, filling and distribution service for the drinks industry. The facilities at the plant include a beverage filling hall, warehousing, two glass melting furnaces and 13 production lines. The capacity of the second plant is currently 1.2 billion units, with production capacity of both plants estimated to be 2.4 billion units in 2008. The plant has five lines capable of bottling a total of 400 bottles of wine, or 1,000 bottles of beer a minute. Having manufacturing and bottling on the same site can reduce costs and keep prices competitive. By offering bottling services, there is the potential for glass makers to win more business as an overflow plant in times of high demand, and it is as a contract packing operation that the greatest benefits from bottling lines are likely to be had. However, the plant was constructed without the correct planning permission
, and, on 8 April 2009, the High Court
ruled that the plant should be demolished.
Quinn have announced their intention to appeal the decision.
QUINN Radiators is one of Europe's leading producers of domestic and specification radiators with production facilities in Ireland
, the UK and Belgium
. The production facility in Leigh
in the UK produces the 'roundtop' range whilst the production facility in Grobbendonk
, Belgium
, produces the 'compact' range. The division's interest in the specification radiator market is represented through the Merriott
brand based in Clonmel
, Co. Tipperary, Ireland
. In May 2004, the Quinn Group acquired the Barlo Group, this led to the announcement of the formation of Quinn Radiators on January 1, 2005. At the start of 2007, a new radiator facility went into production in Newport
, South Wales
. This major investment will create the most modern and efficient radiator plant in the world, with the creation of nearly 500 jobs. Not only will this Quinn plant be the largest domestic radiator plant in the world, but the site will also host the company's European HQ operation for the division. Quinn Radiators plans to reach production of four million radiators a year at its new European headquarters in South Wales
by 2008.
, and employs over 1700 staff at offices in Cavan
, Enniskillen
, Dublin, Manchester
and London
. Quinn Direct is the only privately owned indigenous insurance company operating on the island (many of the players in the insurance market, both in Northern Ireland
and Ireland
are subdivisions of larger multinationals). The company’s main business lies in the provision of a range of general insurance products including car insurance, van insurance, motorcycle insurance, Home insurance, liability and commercial property insurance. Quinn Direct has currently over 700,000 customers and is the second largest insurer in the Irish Insurance market.
After its inception in 1996, the company expanded and opened an office on O’Connell Street in Dublin in 1997. Also, in March 2003 the Minister with responsibility for Enterprise, Trade and Investment, Ian Pearson announced the opening of the new offices in Enniskillen.
This was followed by the announcement of the purchase of an 11 storey office block in Blanchardstown
in April 2003, with the subsequent official opening of the Q Centre by Taoiseach
Bertie Ahern
in September 2004. The company since moved into the UK Commercial business, where it has been operating through its Salford Quays office in Manchester since 2003.On the 31st August 2006, the minister for Enterprise, Trade & Employment, Micheál Martin, announced the creation of 1000 new jobs with the development of a new office facility in Navan
, County Meath
.
In October 2008, the Irish Financial Regulator required Quinn Insurance Limited to pay a monetary penalty of over €3 million for failure to notify the Regulator prior to providing loans to related companies.
QUINN Life, Launched in January 2000, its Head Office is based on the Dublin Road, County Cavan
. Quinn Life offers financial services to customers in Ireland
, and the company’s business includes investments, savings, pensions and retirement plans. QUINN-life offers pensions and savings under the Freeway brand.. In February 2007, QUINN Healthcare entered the Irish health insurance market with the completion of its takeover of BUPA
Ireland Limited's business. The new company will be known as Quinn Healthcare. The newly formed QUINN-healthcare operation now employs over 300 personnel and has a membership base of 445,000.
On 30 March 2010 Quinn Insurance was placed into compulsory administration by the Irish Financial Regulator, after breaching EU Solvency requirements. As a result it was banned from continuing business in the UK, although it is still free to transact business in Ireland. On 15 April 2010, the Irish Times reported that Quinn Insurance decided not to fight the appointment of a permanent administrator.
The Quinn Group also operate a number of public houses including; the Cat and Cage, Messrs Maguire, Q-Bar, the Shamrock Lodge, and Barge Inn all in Dublin, as well as Quinn's, in Cambridge. The group also own the Iveagh Fitness Club, originally built as the Iveagh Trust Baths in 1905.
. The Quinn Group is also considering investment in India
, and is about to open an office in the country. It is considering several locations, but is expected to opt for Hyderabad, which is regarded as an up-and-coming location for high-tech multinationals. Current properties in the Quinn portfolio include, the Leonardo Business Centre and Univermag shopping centre in Ukraine
, the Kutuzoff Tower and Caspiy Business Centre in Moscow
, Kazan Logistics Park in Kazan
, the Prestige Mall in Istanbul
, Turkey
and the Russian DIY store Stroiarsenal in Yekaterinburg
.
in Louth and Toherroe, Co Galway, to generate 450 and 400-450 megawatts respectively. These would be among the biggest power stations ever built in Ireland.
Planning for the station in Toomes
was granted on 30 May 2008 by An Bord Pleanála
as one of the first cases under the Strategic Infrastructure Act 2006 against the Inspector's recommendation, who argued that "the proposed development would be a discordant and incongruous feature in the local rural landscape, would contravene materially the Development Plan and would therefore be contrary to the proper planning and development of the area."
and the Quinn Group has an additional €1.2 billion of loans. Of these circa €780m need to be re-financed this year.
According to the Financial Times, a number of UK based Insurance companies had warned regulators over a number of years that they believed Quinn Insurance's property and casualty business was unsustainable. The FT stated that a number of London-based firms had written to the UK Financial Regulator, the FSA, stating that "no insurer could systematically charge premium rates that were often significantly lower than all its rivals over an extended period and remain viable". Both the UK and Irish regulators refused to comment on the story. However, the Irish Regulator, has directed the provisional administrators to ensure that Quinn Insurance ceases writing new business in the UK to prevent the company "suffering further financial losses from its currently unprofitable UK business".
Given the magnitude of the loans to Anglo Irish Bank
the company was reported to be considering a €700 million financial rescue of the Quinn Group. The plan, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders. Anglo Irish Bank would become majority shareholder in the Quinn Group.
The Quinn Group took action to counter the moves by the Financial Regulator including the mobilisation of its employees into street protests., The Group furthermore has rejected press speculation that the Group needs €700m of financing. Instead the Group estimates that a cash injection of between €100m and €150m is required. refusing to speculate on the need for a €550 million payment to bondholders, it noted that a re-financing, if it occurred, would not necessarily increase the overall debts of the Group.
On 12 April 2010, the Financial Regulator and Quinn Group were due in the High Court. The decision on a permanent appointment of administrators was postponed by one week, following a last minute submission of documents by the Quinn Group. The company pledged to work hard to seek a resolution to the uncertainty created by the appointment of provisional administrators to Quinn Insurance. Quinn Group appointed Talbot Hughes McKillop, a specialist firm providing expertise for financial and operational restructurings to help the group work through its options.
On 15 April 2010, the Irish Times reported that Quinn Insurance decided not to fight the appointment of a permanent administrator. According to RTÉ, Quinn Insurance believes it may have a better chance if it were dealing with a full-time administrator, and has increasingly been concerned about the damage it is suffering as a result of the ban on it doing business in the UK.
Business group
A corporate group is a collection of parent and subsidiary corporations that function as a single economic entity through a common source of control. The concept of a group is frequently used in tax law, accounting and company law to attribute the rights and duties of one member of the group to...
headquartered in Derrylin
Derrylin
Derrylin is a small village and townland in County Fermanagh, Northern Ireland. It is on the A509 road between Enniskillen and the border with County Cavan . It had a population of 423 in the 2001 Census.-History:...
, County Fermanagh
County Fermanagh
Fermanagh District Council is the only one of the 26 district councils in Northern Ireland that contains all of the county it is named after. The district council also contains a small section of County Tyrone in the Dromore and Kilskeery road areas....
, Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
. The privately owned group has ventured into cement
Cement
In the most general sense of the word, a cement is a binder, a substance that sets and hardens independently, and can bind other materials together. The word "cement" traces to the Romans, who used the term opus caementicium to describe masonry resembling modern concrete that was made from crushed...
and concrete
Concrete
Concrete is a composite construction material, composed of cement and other cementitious materials such as fly ash and slag cement, aggregate , water and chemical admixtures.The word concrete comes from the Latin word...
products, container glass
Glass
Glass is an amorphous solid material. Glasses are typically brittle and optically transparent.The most familiar type of glass, used for centuries in windows and drinking vessels, is soda-lime glass, composed of about 75% silica plus Na2O, CaO, and several minor additives...
, general insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, radiators, plastics, hotels, and real estate. It was formed by its Chairman Sean Quinn
Seán Quinn
Seán Quinn is an Irish businessman and conglomerateur, now bankrupt. In 2008 he was the richest person in Ireland, but he now has debts...
in 1973, developing from a small quarrying operation in Derrylin
Derrylin
Derrylin is a small village and townland in County Fermanagh, Northern Ireland. It is on the A509 road between Enniskillen and the border with County Cavan . It had a population of 423 in the 2001 Census.-History:...
into the large organization, employing over 8,000 people in various locations throughout Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
.
Since 2004, the Group saw great expansion throughout Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, with radiator and plastic manufacturing plants in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
and Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
. The QUINN group property portfolio also includes hotel and business centres in Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
, Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
, and Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. Quinn-direct Insurance has commenced trading in Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
and the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
and work is currently underway on a new chemical facility in Leuna
Leuna
Leuna is a town in the Saalekreis, Saxony-Anhalt, eastern Germany, south of Merseburg and Halle. It is known for the Leunawerke , at 13 km2 one of the biggest chemical industrial complexes in Germany, where a very wide range of chemicals and plastics is produced...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
. Its first venture into the cement industry was in 1989. Its general insurance arm, QUINN-direct in was launched in 1996. The commissioning of its first container glass plant was in 1998 and the acquisition of the health insurer Bupa Ireland Ireland took place in 2007.
On 30 March 2010, following an application by the Central Bank of Ireland, the High Court appointed joint provisional administrators to Quinn Insurance Limited. According to the Irish Independent
Irish Independent
The Irish Independent is Ireland's largest-selling daily newspaper that is published in both compact and broadsheet formats. It is the flagship publication of Independent News & Media.-History:...
, eight subsidiaries of Quinn Insurance provided guarantees of €1.2bn to cover Quinn Group’s debts, prompting the Central Bank to seek the appointment of provisional administrators in the High Court. The Quinn Group has taken action to counter the moves by the Central Bank, mobilising its employees into street protests, financial discussions with its creditors, in an effort to seek a resolution to the uncertainty created by the appointment of provisional administrators to Quinn Insurance. On 15 April 2010, the Irish Times
The Irish Times
The Irish Times is an Irish daily broadsheet newspaper launched on 29 March 1859. The editor is Kevin O'Sullivan who succeeded Geraldine Kennedy in 2011; the deputy editor is Paul O'Neill. The Irish Times is considered to be Ireland's newspaper of record, and is published every day except Sundays...
reported that Quinn Insurance decided not to fight the appointment of a permanent administrator.
On 23 April 2010, employees of the insurance branch of the company were told that around 800 jobs out of the 2,400 strong workforce would be lost. The decision came in light of the Financial Regulator's decision to partly restrict Quinn Insurance's dealings in the UK. Staff were told that the full details regarding the potential job losses would be revealed to them at the end of the month.
In April 2011 a share receiver was appointed by Anglo Irish Bank
Anglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....
over the holding company of Quinn Group, taking control of the group from the Quinn family. The family is contesting the appointment of the share receiver.
Financial situation
As a private company registered in Ireland, Quinn Group (ROI) Limited files annual statements with the Companies Registration Office. The last accounts were filed in October 2009. In the latest filing, the company reported a net profit of €68.9 million for the year to December 2008, based on gross sales of €2,264.4 million. Although Quinn Group has reported an operating profit in its two main divisions, Insurance and Non-Insurance (e.g. Cement, Property) for each of the last 3 years, the company was impacted by significant provisions in 2006 and 2007.| Dec 2006, € millions | Dec 2007, € millions | Dec 2008, € millions | |
|---|---|---|---|
| Gross Sales | 1,639.8 | 2,115.5 | 2,264.4 |
| Insurance Turnover | 683.8 | 982,1 | 1,128.1 |
| Insurance Operating Profit | 160.8 | 192.1 | 85.8 |
| Non-Insurance Turnover | 768.3 | 898.4 | 1,105.7 |
| Non-Insurance Operating Profit, before Provisions | 95.5 | 55.7 | 279.9 |
| Profit-Before Provisions | 376.1 | 302.0 | 194.8 |
| Loan Provisions | n/a | -753.1 | -125.9 |
| Net Profit | 376.1 | -451.1 | 69.9 |
Despite the reported profit of €69.9 million in the year to December 2008, Quinn Group's shareholders equity fell by over €220 million in the year, partly due to a €200 million distribution and other recognized losses that were not applied to the Income Statement but appeared directly in shareholders equity. Over the 3 year period to December 2008, Quinn Group revalued upward its assets and investments by a net cumulative €306 million, which positively impacted shareholders equity. Over the same period it took a charge to equity of a net cumulative € 312 million due to adverse exchange rate movements.
| Dec 2006, € millions | Dec 2007, € millions | Dec 2008, € millions | |
|---|---|---|---|
| Shareholders Equity, 1st Jan | 930.7 | 1,319.7 | 974.1 |
| Profit in the financial year | 376.1 | -451.1 | 68.9 |
| Revaluation in the year | 4.4 | 137.9 | 163.4 |
| Capital contributions (distributions) | n/a | n/a | -200.0 |
| Gain (loss) in pension scheme | 2.6 | 1.4 | -8.7 |
| Change in deferred tax asset | -.6 | -.0 | 1.5 |
| Exchange Rate gain (loss) on investments | 6.5 | -33.8 | -285.3 |
| Tax on exchange adjustments | n/a | n/a | 39.7 |
| Shareholders Equity, 31 December | 1,319.7 | 974.1 | 753.6 |
Further complicating the financial picture of Quinn Group's financial statements is a collection of other related party transactions. In the year to December 2008, Quinn Group reported an income of €150 million from the Quinn family and related entities, for services provided by the Group including: "the identification of sites for acquisition and development, the negotiation of purchase price, the negotiation and arrangement of financing, the engagement of developers and related professional advisors and the ongoing monitoring of the projects through the construction phase." For accounting purposes, these incomes, totaling €221 million in 2008, would have been included in the income statement that lead to the reported profit of €68.9 million in the year to December 2008.
| Dec 2006, € millions | Dec 2007, € millions | Dec 2008, € millions | |
|---|---|---|---|
| Sale of good and services to the directors and related undertakings | 6.4 | 15.5 | 2.4 |
| Income from related undertakings for property development services | n/a | n/a | 150.0 |
| Purchase of goods and services from related undertakings | n/a | n/a | 30.8 |
| Interest charged to related undertakings | n/a | 69.9 | 37.6 |
| Sub-total income from related parties | n/a | 85.3 | 220.8 |
At the end of December 2008, the Quinn family and related undertakings had loans of €891.3 million to Quinn Group (ROI) Limited. The annual report for 2008 states in the "related party transactions" section that Quinn Group had taken a total of €888m of provisions related to loans given to family controlled property companies, investment and finance companies, and other family controlled companies. Of these provisions, €785.6 million related to the investment and finance companies which includes Quinn Finance Holdings, the entity that owned an economic interest of 15% in Anglo Irish Bank
Anglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....
. Provisions of €888m accounted for against the €891m of loans, may indicate the family and the related entities may be unlikely to repay over 99% of these loans to Quinn Group.
QUINN Manufacturing
The manufacturing division's main activities are the manufacture and supply of cement and concrete products including, rooftiles, prestress flooring, Quinn-lite blocks, polystyrene insulation products, tarmac and general quarry products. QUINN Quarries are involved in the extraction and processing of sand and gravel since the 1970s, the Quarries Division of the Group still produces these products today. Quarry stone, washed sand, gravel, ready mixed concrete and concrete blocks are all produced at Quinn plants. The second quarry in Williamstown, Co. Galway was founded in 1977 to supply GalwayGalway
Galway or City of Galway is a city in County Galway, Republic of Ireland. It is the sixth largest and the fastest-growing city in Ireland. It is also the third largest city within the Republic and the only city in the Province of Connacht. Located on the west coast of Ireland, it sits on the...
and the surrounding counties with quarry and concrete products.
QUINN Rooftiles commenced production in 1982 with a purpose built factory at Gortmullen, Derrylin. This first plant was commissioned in 1982. However due to market demand a new factory built on the existing site commenced production in 2001 and was expanded again in 2005. Quinn Rooftiles maybe considered as a major supplier to the construction sector throughout Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. QUINN Prestressed began producing prestressed concrete products in 1984. All of these products are used in a range of domestic and industrial building applications. QUINN Lite produces lightweight thermal blocks. The blocks are for use in the construction internal and external walls above and inner and outer leaves of cavity walls. QUINN Lite Pac, Granard
Granard
Granard is a town in the north of County Longford, Ireland and has a traceable history going back to 236 A.D.. It is situated just south of the boundary between the watersheds of the Shannon and the Erne, at the point where the N55 national secondary road and the R194 regional road...
, Co. Longford was founded in 1975 to produce and distribute expanded polystyrene thermal insulation products for the construction industry. The product is an expanded polystyrene board for insulating floors. A large proportion of this product is used in the insulation of commercial, industrial and domestic buildings.
QUINN Therm, at Scotchtown
Scotchtown
Scotchtown may refer to:*Scotchtown, New York*Scotchtown, Nova Scotia*Scotchtown , a historic Virginia home once owned by Patrick Henry*Scotchtown, County Cavan, a townland in Cavan, Ireland...
, Ballyconnell
Ballyconnell
Ballyconnell is a town in County Cavan, Ireland. It is situated on the N87 national secondary road at the junction of four townlands Annagh, Cullyleenan, Doon and Derryginny in the parish of Tomregan, Barony of Tullyhaw. The town has an altitude of 55 metres above sea level...
, Co. Cavan was commissioned in October 2004 to produce and distribute rigid polyurethane thermal insulation products for the Irish and UK market. Quinn Therm produces rigid foam board for cavity wall insulation
Cavity wall insulation
Cavity wall insulation is used to reduce heat loss through a cavity wall by filling the air space with a porous material. This immobilises the air within the cavity , preventing convection, and can substantially reduce space heating costs.During construction of new buildings, cavities are often...
. QUINN Tarmac was established in 1994 to produce a range of blacktop products. QUINN Cement has been in production since 1989 at its Derrylin site using local raw material from the quarry facilities. Given the increasing demand generated from the construction sector over the years, a second plant was commissioned in 2000 in the northern part of the Republic of Ireland, outside the small town of Ballyconnell and close to the Northern Ireland border.
QUINN Plastics is a supplier of transparent plastic sheet products (formerly known as Barlo Plastics). Barlo Plastics was created in 1998 by the merger of 4 plastic sheet producers and further expanded by another four sheet extrusion companies in 1999 and 2000. In 2004 Barlo Plastics was acquired by Quinn Group and renamed as Quinn Plastics. With their headquarters based in Derrylin
Derrylin
Derrylin is a small village and townland in County Fermanagh, Northern Ireland. It is on the A509 road between Enniskillen and the border with County Cavan . It had a population of 423 in the 2001 Census.-History:...
, Co. Fermanagh the company has operating facilities in Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
, the UK and the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
. Quinn Plastics produces 90,000 tonnes annually and employs over 700 people. In 2005, the company purchased a start up business, known as Polyex in the UK which is now the base for their Alfreton production site. Quinn Plastics provide products for many different applications including building and construction, interior design and safety.
In May 2004, the Quinn Group acquired the Barlo Group PLC. This led to the announcement of the formation of Quinn Plastics on January 1, 2005. The company’s main business lies in the production of domestic and industrial products. In 2005, the company purchased a start up business, known as Polyex in the UK which is now the base for their Alfreton production site.
QUINN Chemicals is currently constructing a plant to manufacture methylmethacrylate (MMA) in Leuna
Leuna
Leuna is a town in the Saalekreis, Saxony-Anhalt, eastern Germany, south of Merseburg and Halle. It is known for the Leunawerke , at 13 km2 one of the biggest chemical industrial complexes in Germany, where a very wide range of chemicals and plastics is produced...
in eastern Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
. However, construction has been put on ice as of January 2009 due to 'heavy cost overruns' and 'deteriorating market conditions'. Some work is continuing on the site which will be ramped up towards completion when world market conditions improve. At full capacity, the new plant will produce approximately 100,000 tonnes of MMA a year for the world market. The plant will produce many different products including glazing, sanitary products, lightning, display, and household goods.
QUINN Packaging (trading as Barlo Packaging until 2004) has been servicing the food industry with rigid packaging since the 1980’s from its plant in Newbridge
Newbridge, County Kildare
The earliest known mention of Newbridge was by traveller and bookseller John Dunton in 1698, though he does not refer to any settlement other than at Ballymany....
, when the dairy spreads / yellow fats markets initially emerged.. Quinn packaging also has a factory in Ballyconnell, built in 2006, that produces food trays, film and thin gauge sheet for the food packaging industry.
As a large user of electricity within its manufacturing base, QUINN Power constructed a five megawatt wind farm in 1995 on the Slieve Rushen Mountain, which nestles behind the core-manufacturing base of the Group at Derrylin
Derrylin
Derrylin is a small village and townland in County Fermanagh, Northern Ireland. It is on the A509 road between Enniskillen and the border with County Cavan . It had a population of 423 in the 2001 Census.-History:...
. This was further complemented in 2004 by the addition of a 13.5 megawatt wind farm at Snugborough, Ballyconnell
Ballyconnell
Ballyconnell is a town in County Cavan, Ireland. It is situated on the N87 national secondary road at the junction of four townlands Annagh, Cullyleenan, Doon and Derryginny in the parish of Tomregan, Barony of Tullyhaw. The town has an altitude of 55 metres above sea level...
, Co. Cavan. The power generated is fed into the National Grid. The Group is in the planning stages of further developments in this area. These are set to include a €300 million , 450 megawatt combined cycle gas turbine in Co. Louth which has been approved & fast tracked by An Bord Pleanala under the states Strategic Infrastructure Bill. It will be one of the biggest power stations ever built in Ireland and will supply up to 8% of Irelands peak demand and is set to come online in 2010 despite the slump. Plans for a similar project in Co. Galway are at a 'pre-consultation stage'. Quinn Environmental also operate a small 500 kW Landfill Gas
Landfill gas
Landfill gas is a complex mix of different gases created by the action of microorganisms within a landfill.-Production:Landfill gas production results from chemical reactions and microbes acting upon the waste as the putrescible materials begins to break down in the landfill...
utilization plant at their Lisbane landfill site in Tandragee, Co. Armagh which supplies energy to the NIE grid.
In 1998, the Quinn Group moved into the container glass market, with the establishment of QUINN Glass, which manufactures glass containers for the food and beverage industries with operations in Ireland and the UK. The first plant went into production at the end of 1998 producing a full range of flint, green and amber containers. The plant is based in Derrylin and employs over 370 staff with an annual production capacity of 720 million containers. This is expected to increase to 830 millions units in 2008 with the completion of a furnace rebuild at the plant. Quinn Glass are one of only a handful of plants worldwide where bottles can be manufactured and filled on a single site, it features one of the largest automated warehouses in Europe, capable of handling 282,000 pallets of filled and unfilled glass containers.
In 2005, Quinn Glass expanded, and built a second plant at Elton, Cheshire
Elton, Cheshire
Elton is a village and civil parish in the unitary authority of Cheshire West and Chester and the ceremonial county of Cheshire, England. It is situated approximately to the northeast of Chester, between Helsby and Ellesmere Port, near to the River Mersey. Its proximity to the River Mersey and...
creating over 550 new jobs. The glass container plant in Elton is one of the most sophisticated in the world, producing 20 percent of glass container requirements in the UK. The site provides a comprehensive glass packaging, filling and distribution service for the drinks industry. The facilities at the plant include a beverage filling hall, warehousing, two glass melting furnaces and 13 production lines. The capacity of the second plant is currently 1.2 billion units, with production capacity of both plants estimated to be 2.4 billion units in 2008. The plant has five lines capable of bottling a total of 400 bottles of wine, or 1,000 bottles of beer a minute. Having manufacturing and bottling on the same site can reduce costs and keep prices competitive. By offering bottling services, there is the potential for glass makers to win more business as an overflow plant in times of high demand, and it is as a contract packing operation that the greatest benefits from bottling lines are likely to be had. However, the plant was constructed without the correct planning permission
Planning permission
Planning permission or planning consent is the permission required in the United Kingdom in order to be allowed to build on land, or change the use of land or buildings. Within the UK the occupier of any land or building will need title to that land or building , but will also need "planning...
, and, on 8 April 2009, the High Court
High Court of Justice
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales...
ruled that the plant should be demolished.
Quinn have announced their intention to appeal the decision.
QUINN Radiators is one of Europe's leading producers of domestic and specification radiators with production facilities in Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, the UK and Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
. The production facility in Leigh
Leigh, Greater Manchester
Leigh is a town within the Metropolitan Borough of Wigan, in Greater Manchester, England. It is southeast of Wigan, and west of Manchester. Leigh is situated on low lying land to the north west of Chat Moss....
in the UK produces the 'roundtop' range whilst the production facility in Grobbendonk
Grobbendonk
Grobbendonk is a municipality located in the Belgian province of Antwerp . The municipality comprises the towns of Bouwel and Grobbendonk proper. On January 1, 2006 Grobbendonk had a total population of 10,747. The total area is 28.36 km² which gives a population density of 379 inhabitants per...
, Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, produces the 'compact' range. The division's interest in the specification radiator market is represented through the Merriott
Merriott
Merriott is a village and civil parish in Somerset, England, near the town of Crewkerne and west of Yeovil in the South Somerset district. The village has a population of 2,020....
brand based in Clonmel
Clonmel
Clonmel is the county town of South Tipperary in Ireland. It is the largest town in the county. While the borough had a population of 15,482 in 2006, another 17,008 people were in the rural hinterland. The town is noted in Irish history for its resistance to the Cromwellian army which sacked both...
, Co. Tipperary, Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. In May 2004, the Quinn Group acquired the Barlo Group, this led to the announcement of the formation of Quinn Radiators on January 1, 2005. At the start of 2007, a new radiator facility went into production in Newport
Newport
Newport is a city and unitary authority area in Wales. Standing on the banks of the River Usk, it is located about east of Cardiff and is the largest urban area within the historic county boundaries of Monmouthshire and the preserved county of Gwent...
, South Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
. This major investment will create the most modern and efficient radiator plant in the world, with the creation of nearly 500 jobs. Not only will this Quinn plant be the largest domestic radiator plant in the world, but the site will also host the company's European HQ operation for the division. Quinn Radiators plans to reach production of four million radiators a year at its new European headquarters in South Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
by 2008.
QUINN Financial Services
QUINN Direct Insurance Limited is an Irish based general insurance company that was established in 1996 by the Quinn Group. The company’s Head Office is based on the Dublin Road, County CavanCavan
Cavan is the county town of County Cavan in the Republic of Ireland. The town lies in the north central part of Ireland, near the border with Northern Ireland...
, and employs over 1700 staff at offices in Cavan
Cavan
Cavan is the county town of County Cavan in the Republic of Ireland. The town lies in the north central part of Ireland, near the border with Northern Ireland...
, Enniskillen
Enniskillen
Enniskillen is a town in County Fermanagh, Northern Ireland. It is located almost exactly in the centre of the county between the Upper and Lower sections of Lough Erne. It had a population of 13,599 in the 2001 Census...
, Dublin, Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
and London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. Quinn Direct is the only privately owned indigenous insurance company operating on the island (many of the players in the insurance market, both in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
are subdivisions of larger multinationals). The company’s main business lies in the provision of a range of general insurance products including car insurance, van insurance, motorcycle insurance, Home insurance, liability and commercial property insurance. Quinn Direct has currently over 700,000 customers and is the second largest insurer in the Irish Insurance market.
After its inception in 1996, the company expanded and opened an office on O’Connell Street in Dublin in 1997. Also, in March 2003 the Minister with responsibility for Enterprise, Trade and Investment, Ian Pearson announced the opening of the new offices in Enniskillen.
This was followed by the announcement of the purchase of an 11 storey office block in Blanchardstown
Blanchardstown
Blanchardstown is a large suburb of Dublin in the district of Fingal, Ireland. It is within the historical barony of Castleknock. It is located 10 km north-west of the city centre. The suburb is in the Dublin 15 postal area, the Dublin West electoral constituency, and Fingal County...
in April 2003, with the subsequent official opening of the Q Centre by Taoiseach
Taoiseach
The Taoiseach is the head of government or prime minister of Ireland. The Taoiseach is appointed by the President upon the nomination of Dáil Éireann, the lower house of the Oireachtas , and must, in order to remain in office, retain the support of a majority in the Dáil.The current Taoiseach is...
Bertie Ahern
Bertie Ahern
Patrick Bartholomew "Bertie" Ahern is a former Irish politician who served as Taoiseach of Ireland from 26 June 1997 to 7 May 2008....
in September 2004. The company since moved into the UK Commercial business, where it has been operating through its Salford Quays office in Manchester since 2003.On the 31st August 2006, the minister for Enterprise, Trade & Employment, Micheál Martin, announced the creation of 1000 new jobs with the development of a new office facility in Navan
Navan
-People:Navan was the childhood home of Pierce Brosnan, who appeared in the television series Remington Steele and was the fifth film actor to play James Bond. TV personality Hector Ó hEochagáin, and comedians Dylan Moran and Tommy Tiernan also hail from Navan....
, County Meath
County Meath
County Meath is a county in Ireland. It is part of the Mid-East Region and is also located in the province of Leinster. It is named after the ancient Kingdom of Mide . Meath County Council is the local authority for the county...
.
In October 2008, the Irish Financial Regulator required Quinn Insurance Limited to pay a monetary penalty of over €3 million for failure to notify the Regulator prior to providing loans to related companies.
QUINN Life, Launched in January 2000, its Head Office is based on the Dublin Road, County Cavan
County Cavan
County Cavan is a county in Ireland. It is part of the Border Region and is also located in the province of Ulster. It is named after the town of Cavan. Cavan County Council is the local authority for the county...
. Quinn Life offers financial services to customers in Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, and the company’s business includes investments, savings, pensions and retirement plans. QUINN-life offers pensions and savings under the Freeway brand.. In February 2007, QUINN Healthcare entered the Irish health insurance market with the completion of its takeover of BUPA
Bupa
Bupa is a large British healthcare organisation, with bases on three continents and more than ten million customers in over 200 countries. It is a private healthcare company, in direct contrast to the UK's National Health Services, which are tax-funded healthcare systems and do not require private...
Ireland Limited's business. The new company will be known as Quinn Healthcare. The newly formed QUINN-healthcare operation now employs over 300 personnel and has a membership base of 445,000.
On 30 March 2010 Quinn Insurance was placed into compulsory administration by the Irish Financial Regulator, after breaching EU Solvency requirements. As a result it was banned from continuing business in the UK, although it is still free to transact business in Ireland. On 15 April 2010, the Irish Times reported that Quinn Insurance decided not to fight the appointment of a permanent administrator.
QUINN Hotels
The Quinn Group currently have nine hotels located throughout Ireland, the UK and Europe. The list of current hotel properties includes:- Buswells Hotel, one of the oldest Dublin city centre hotels, composed of five GeorgianGeorgian architectureGeorgian architecture is the name given in most English-speaking countries to the set of architectural styles current between 1720 and 1840. It is eponymous for the first four British monarchs of the House of Hanover—George I of Great Britain, George II of Great Britain, George III of the United...
townhouses. The hotel has operated since 1882 and is located next to the Dáil. - The Belfry HotelThe BelfryThe Belfry is a golf resort in Wishaw, Warwickshire, England, very near the Sutton Coldfield district of Birmingham, and owned since 2005 by Irish businessman Sean Quinn....
in the EnglishEnglandEngland is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
countryside in WishawWishaw, WarwickshireWishaw is a village and civil parish in the north-west of Warwickshire, England. It is located within the district of North Warwickshire and is famous as the home of The Belfry golf resort, which has hosted the Ryder Cup on no less than four separate occasions...
. The Belfry is famous worldwide for its links with The Ryder CupRyder CupThe Ryder Cup is a biennial golf competition between teams from Europe and the United States. The competition is jointly administered by the PGA of America and the PGA European Tour, and is contested every two years, the venue alternating between courses in the United States and Europe...
, which it has hosted on four occasions. The resort has also been the venue for many other PGA European TourPGA European TourThe PGA European Tour is an organization which operates the three leading men's professional golf tours in Europe: the elite European Tour, the European Seniors Tour and the developmental Challenge Tour. Its headquarters are at Wentworth Club in Virginia Water, Surrey, England...
events, and since 2006 it has been home to the Quinn Insurance British Masters. - The five starStar (classification)Stars are often used as symbols for classification purposes. They are used by reviewers for ranking things such as movies, TV shows, restaurants, and hotels. For example, one to five stars is commonly employed to categorize hotels.-Restaurant ratings:...
Hilton Hotel in PraguePraguePrague is the capital and largest city of the Czech Republic. Situated in the north-west of the country on the Vltava river, the city is home to about 1.3 million people, while its metropolitan area is estimated to have a population of over 2.3 million...
on the right bank of the VltavaVltavaThe Vltava is the longest river in the Czech Republic, running north from its source in Šumava through Český Krumlov, České Budějovice, and Prague, merging with the Elbe at Mělník...
River. - The Slieve Russell Hotel is based next to Sean Quinn's residence near Ballyconnell, County Cavan.
The Quinn Group also operate a number of public houses including; the Cat and Cage, Messrs Maguire, Q-Bar, the Shamrock Lodge, and Barge Inn all in Dublin, as well as Quinn's, in Cambridge. The group also own the Iveagh Fitness Club, originally built as the Iveagh Trust Baths in 1905.
QUINN Property
QUINN Property is a division of the international Quinn Group which specialise in the development and management of commercial real-estate, for lease in a number of markets across EuropeEurope
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. The Quinn Group is also considering investment in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, and is about to open an office in the country. It is considering several locations, but is expected to opt for Hyderabad, which is regarded as an up-and-coming location for high-tech multinationals. Current properties in the Quinn portfolio include, the Leonardo Business Centre and Univermag shopping centre in Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
, the Kutuzoff Tower and Caspiy Business Centre in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
, Kazan Logistics Park in Kazan
Kazan
Kazan is the capital and largest city of the Republic of Tatarstan, Russia. With a population of 1,143,546 , it is the eighth most populous city in Russia. Kazan lies at the confluence of the Volga and Kazanka Rivers in European Russia. In April 2009, the Russian Patent Office granted Kazan the...
, the Prestige Mall in Istanbul
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
and the Russian DIY store Stroiarsenal in Yekaterinburg
Yekaterinburg
Yekaterinburg is a major city in the central part of Russia, the administrative center of Sverdlovsk Oblast. Situated on the eastern side of the Ural mountain range, it is the main industrial and cultural center of the Urals Federal District with a population of 1,350,136 , making it Russia's...
.
QUINN Energy
In 2007 the QUINN Group applied for planning permission for natural gas-fired power stations at ToomesToomes
Toomes is a townland in County Louth, Ireland.Toomes is closely located to Louth which is home to the St Mochtas House, circa 500AD, and to St Mary's Abbey, Louth. Toomes is also at the heart of the so-called Patrick Kavanagh Country which covers the area around Inniskeen where Patrick Kavanagh...
in Louth and Toherroe, Co Galway, to generate 450 and 400-450 megawatts respectively. These would be among the biggest power stations ever built in Ireland.
Planning for the station in Toomes
Toomes
Toomes is a townland in County Louth, Ireland.Toomes is closely located to Louth which is home to the St Mochtas House, circa 500AD, and to St Mary's Abbey, Louth. Toomes is also at the heart of the so-called Patrick Kavanagh Country which covers the area around Inniskeen where Patrick Kavanagh...
was granted on 30 May 2008 by An Bord Pleanála
An Bord Pleanála
An Bord Pleanála is an independent statutory administrative tribunal that decides on appeals from planning decisions made by local authorities in the Republic of Ireland. As of 2007 The Planning Board directly decides major strategic infrastructural projects under the provisions of the Planning...
as one of the first cases under the Strategic Infrastructure Act 2006 against the Inspector's recommendation, who argued that "the proposed development would be a discordant and incongruous feature in the local rural landscape, would contravene materially the Development Plan and would therefore be contrary to the proper planning and development of the area."
Financial uncertainty in early 2010
On 30 March 2010, following an application by Ireland's Financial Regulator, the High Court appointed joint provisional administrators to Quinn Insurance Limited. According to the Irish Independent, eight subsidiaries of Quinn Insurance provided guarantees of €1.2bn to cover Quinn Group’s debts, prompting the regulator to seek the appointment of provisional administrators in the High Court. In total the Quinn family is estimated to have €2.8 billion of loans to Anglo Irish BankAnglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....
and the Quinn Group has an additional €1.2 billion of loans. Of these circa €780m need to be re-financed this year.
According to the Financial Times, a number of UK based Insurance companies had warned regulators over a number of years that they believed Quinn Insurance's property and casualty business was unsustainable. The FT stated that a number of London-based firms had written to the UK Financial Regulator, the FSA, stating that "no insurer could systematically charge premium rates that were often significantly lower than all its rivals over an extended period and remain viable". Both the UK and Irish regulators refused to comment on the story. However, the Irish Regulator, has directed the provisional administrators to ensure that Quinn Insurance ceases writing new business in the UK to prevent the company "suffering further financial losses from its currently unprofitable UK business".
Given the magnitude of the loans to Anglo Irish Bank
Anglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....
the company was reported to be considering a €700 million financial rescue of the Quinn Group. The plan, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders. Anglo Irish Bank would become majority shareholder in the Quinn Group.
The Quinn Group took action to counter the moves by the Financial Regulator including the mobilisation of its employees into street protests., The Group furthermore has rejected press speculation that the Group needs €700m of financing. Instead the Group estimates that a cash injection of between €100m and €150m is required. refusing to speculate on the need for a €550 million payment to bondholders, it noted that a re-financing, if it occurred, would not necessarily increase the overall debts of the Group.
On 12 April 2010, the Financial Regulator and Quinn Group were due in the High Court. The decision on a permanent appointment of administrators was postponed by one week, following a last minute submission of documents by the Quinn Group. The company pledged to work hard to seek a resolution to the uncertainty created by the appointment of provisional administrators to Quinn Insurance. Quinn Group appointed Talbot Hughes McKillop, a specialist firm providing expertise for financial and operational restructurings to help the group work through its options.
On 15 April 2010, the Irish Times reported that Quinn Insurance decided not to fight the appointment of a permanent administrator. According to RTÉ, Quinn Insurance believes it may have a better chance if it were dealing with a full-time administrator, and has increasingly been concerned about the damage it is suffering as a result of the ban on it doing business in the UK.