QIHL Terminates Sean's Comeback Dream

/ 19th May 2016 /

Quinn Industrial Holdings Limited (QIHL), the company that emerged from the ashes of Sean Quinn’s business empire, has terminated its consultancy agreement with the company founder.

Sean Quinn is being allowed the use of an office for his own personal use at the company’s headquarters but the company has signalled that there’s no chance of the bust tycoon ever being in control of the company again.

In a statement to staff, QIHL declared: “QIHL was formed in 2014 to support QBRC Limited’s two pronged mission of returning the former Quinn Group businesses to local management, and growing the businesses and stabilising employment, restoring pride and value in these very important local businesses that support the economic viability of the region.

“Following the acquisition of the businesses by QIHL, we entered into a consultancy agreement as a framework to facilitate Sean Quinn’s involvement in the businesses. We believed that this would enable us to benefit from the wealth of experience that Sean had built up since he founded the businesses, and was a role intended both as a mark of respect for Sean and to assist in creating a unified sense of purpose in support of a local management team and local businesses that sustain local employment and prosperity.

“As time has progressed it has become evident that Sean’s expectations for his role and the ownership structure of QIHL are at odds with the strategic direction of the businesses.

“Accordingly, it has been mutually agreed between the parties that QIHL’s consultancy arrangement with Sean Quinn and Sean Quinn Junior will be discontinued, albeit Sean will have continued access to office facilities for his own personal use."

QIHL is now controlled by American banks and employs 743 people. The company says that employment has grown by 13% in the past two years, wages have increased by over 5%, revenues have grown by 25% and EBITDA has more than doubled. “QIHL is on very strong financial footing and is poised to deliver continued growth,” the company stated.