Sean Quinn: Businessmen says they are 'step closer' to securing businessman's former companies
- 3 September 2014
- From the section Northern Ireland
A group of businessmen say they are a step closer to buying part of the former Sean Quinn group of companies.
Quinn Business Retention Company (QBRC) has new backers in its deal to take over the packaging and construction industry supplies (CIS) parts of the business, which is now called Aventas.
QBRC was backed by a private equity firm, but will now be financed by three of the institutions that control Aventas.
QBRC said it expects the deal to complete in early October.
It has not revealed the details of the three institutions which are now backing it.
The Aventas businesses were the backbone of Sean Quinn's empire - he lost control of them in 2011 as part of his battle with Anglo Irish Bank.
Aventas remains a major employer in the border counties of Fermanagh and Cavan.
It is currently controlled by a consortium of financial institutions
Liam McCaffrey, chief executive designate of QBRC, thanked the former backer, Endless LLP, for "recognising the potential in this business".
"We look forward to working closely with our financiers, the staff and customers of the business as we seek to grow and develop them in the years ahead," he said.
In a statement Aventas said: "When the agreement was signed for the acquisition of our CIS and Packaging businesses by QBRC it was originally envisaged that the transaction would complete in Q3.
"The work involved is continuing apace and while it is now clear that the proposed sale will not complete within the original timeframe, we remain fully committed to the process and to a successful sale completion as soon as is practicable."
The packaging and CIS businesses employ more than 600 people in in Derrylin, County Fermanagh, and Ballyconnell, County Cavan.