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QUINN-group to consider selling QUINN-Insurance
The Board of Quinn Group Limited is greatly saddened by the redundancies which are expected to be announced by the Joint Administrators of Quinn Insurance today. It has been overwhelmed by the support of its loyal staff and customer base across the Group in recent weeks and most especially by the support shown by the employees of Quinn Insurance. The thoughts of all the members of the Quinn Group Board are with those staff today.
In this connection the Board has reluctantly come to the conclusion that, in the interests of all stakeholders but especially Quinn Insurance employees, it should consider selling Quinn Insurance.
Liam McCaffrey, the Chief Executive of Quinn Group Limited said today:
"Since the appointment of provisional administrators on 30th March and the confirmation of their appointment on 15th April 2010, the Group board has been considering a number of options but has now reluctantly concluded that in view of the funding required to meet the solvency requirements laid down by the Financial Regulator, the future of Quinn Insurance is probably best protected under new ownership. Accordingly we will be working closely with the Joint Administrators to see if this objective can be achieved in as short a time as possible with the hope that this will protect the maximum number of jobs.
Quinn Insurance has a robust and profitable business model with a skilled and loyal workforce. However prolonging the situation is not in anyone's interest and that is why we have reached this decision."
Media Queries: Brian Bell 086 243 6130 or Debbie O’Brien 085 2805079
30 Apr 2010
