Press Comment on 4th April


Some of the reporting in certain Sunday newspapers today relating to the overall financial position of the Quinn Group Ltd (QG) is extremely inaccurate and misleading. For clarity the following is an accurate reflection of the financial position and total borrowings:

  1. The QG which includes Quinn Insurance and all of the Manufacturing companies has total combined borrowings of €1.2bn. The QG is forecasted to generate over €300m of EBITDA in 2010 and has exceeded its profit forecast at the end of the first quarter. Prior to the recession QG was generating EBITDA of over €500m per annum.
  2. Additional borrowings of €2.8bn are secured on a very extensive property asset portfolio held by the Quinn family, personally but outside the QG. These assets are spread over 13 countries including Eastern Europe, Russia and India and continue to perform extremely well throughout the current recession.

04 Apr 2010

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