Quinn Group’s £769m loss mainly down to jettisoned insurance arm

The Quinn Group has reported a £769m operating loss for 2009.

Quinn Insurance, the one-time jewel in the crown in the empire of Co Fermanagh man Sean Quinn, contributed to the results for the business.

The group said the losses mainly relate to the now-sold Quinn Insurance, with it suffering an operating loss of £558m in 2009 — the biggest ever in an Irish company. Those losses came before the Republic’s Financial Regulator put Quinn Insurance into administration. But the group’s new head, Paul O’Brien, was “encouraged” by profitable manufacturing operations.

Manufacturing earnings before interest, tax, depreciation and amortisation were £90m, though turnover was down 28%, reflecting a slowdown in construction.

Mr O’Brien said: “The future of our group now lies in our manufacturing businesses, which are involved in container glass, construction products, plastics and packaging and radiators across a number of jurisdictions.”

The family of Sean Quinn is bringing legal action against Anglo Irish over the appointment of receivers by the bank and is seeking millions of pounds of damages. It is to apply to have |the action conducted in a fast-tracked Commercial Court case in Dublin.

Anglo will defend the action but is not expected to oppose the fast-tracking.\[a.mcgreevy\]background

Sean Quinn built a sprawling business empire after starting a small quarrying operation on his family farm in Co Fermanagh. But a gamble on Anglo Irish Bank shares backfired and using loans from Quinn Insurance to finance another firm saw Quinn Insurance placed into administration and Mr Quinn and his family losing the rest of the group.