Ireland: two former divisions of Quinn to be acquired

A consortium, including some executives from Sean Quinn's old business empire, expects to buy two divisions of the old business over the next two months. The Quinn Business Retention Company (QBRC), headed by the former tycoon's number two Liam McCaffrey, has teamed up with a UK private equity house Endless LLP for the arrangement.

Aventas Manufacturing Group, which took over much of the Quinn businesses along the border after it was put in receivership, said talks on the buyout are ongoing. The deal is for all of the former Quinn manufacturing operations in Derrylin, Co Fermanagh and Ballyconnell, Co Cavan and one in Granard, Co Longford - including cement, tarmac, roof tiles, blocks and packaging.

Liam McCaffrey, chief executive QBRC, said he is excited about the prospect: "We are delighted to have reached an agreement with Aventas for the acquisition of the Construction Industry Supplies (CIS) and packaging businesses and are excited with the prospect of returning to these businesses that we have previously worked in and managed," he said. "We will work with Aventas to facilitate stability in the local community that will enable Aventas to achieve its corporate objectives."

Those behind the deal say between 650 and 800 jobs will be protected in the group and another 2500 jobs in the border region rely on the Quinn businesses.

The deal is expected to be finalised before the end of September. The value of the deal will not be disclosed but it is running to tens of millions, the business consortium said.