Quinn Group and Lagan abandon joint venture

The Quinn Group cement and quarrying business and the Belfast-based Lagan group have abandoned plans for a joint venture.

In December, the two companies signed a memorandum of understanding to explore the possibility.

The two firms said: "Discussions have now concluded and both companies have decided not to progress further with the proposed joint venture.

The Quinn Group is controlled by a consortium of international banks.

The group was formerly owned by the bankrupt ex-billionaire Sean Quinn.

The Lagan Group is owned by Kevin Lagan, one of Northern Ireland's wealthiest businessmen.

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