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Return of the old guard at Quinn Group as long-time stakeholders swoop on sales process
Sean Quinn has given his ‘moral support’ to the bid.
AN ANONYMOUS GROUP of “genuine old bondholders” in the former Quinn Group has stepped in to finance a deal that will see former group executives re-installed in charge of several Quinn companies.
Details emerged earlier this summer of a €100 million plan to re-install the former executives. However, it is understood that the original financial backer of the plan, Leeds-based Endless LLP, has been pushed out by the new financiers.
The three bondholders, whose identities have not been released, have long-held stakes the Quinn Group and are in a “powerful position” within the company.
A spokesman the group of former executives said that they enjoyed the “moral support” of Sean Quinn.
“The seller is essentially backing the buyer”, said a source close to the sale process.
They are genuine old bondholders…not recent debt buyers.
The interest from the bondholder group emerged while the sales process with Endless was close to completion. It is understood that Endless will receive a fee for due diligence and other services it provided during the transaction to date.
As a result of the new financial backing, the deal between the former Quinn executives and Aventas, which had been managing the group, will be pushed back to October. It had been expected that the deal would finish up by the end of summer.
The former Quinn group executives that will be re-installed at the group include one-time chief executive Liam McCaffrey, financial director Daragh O’Reilly and group development officer Kevin Lunney.
Every company that was part of the Quinn manufacturing group is included in the deal, with the exception of the Quinn glass factory.
Northern Irish businessmen John ‘Bosco’ O’Hagan and Ernie Fisher are also involved with the purchasing entity.
Attempts to contact Endless LLP this evening were unsuccessful.
Read: Quinn Group assets sold to former company executives for ‘tens of millions’>
Read: “Anglo are using our money to make us the most hated family in Ireland”>
