Qbrc to complete transition this week

QBRC’s takeover of the former Quinn manufacturing group (CIS), and the packaging businesses, is expected to be completed later this week before the companies break up for the Christmas period.
According to sources close to the deal, the consortium of businessmen involved in the Quinn Business Retention Company will finalise all aspects of the estimated €90m purchase from Aventas Group by Friday, December 19, this week.
The move will see the long-awaited instalment of former Quinn Group chief executive Liam McCaffrey, former group financial director Dara O’Reilly and former development director Kevin Lunney at the helm, with operation under their stewardship beginning in earnest in the New Year.
The deal for the CIS and packaging businesses was due to be tied up by the end of last month after both QBRC and Aventas released a joint statement making the claim. However that transfer, The Anglo-Celt understands, was delayed over outstanding issues regarding the former Quinn Lite business in Granard, Co Longford.
Non-executive Director at QBRC, Newtowngore businessman and Fine Gael Cllr John McCartin welcomed the nearing conclusion of the deal.
“We’re satisfied the full transition of the businesses to QBRC will be completed by the end of the week, before the companies break up for the Christmas period,” he said.
Meanwhile, the ongoing deal to sell off the glass element of the former Quinn empire - recently rebranded as Encirc, is expected to continue into 2015.
Up to nine bids have been received to date for the two glass production plants, in Ballyconnell and Cheshire, which provides employment for up to 1,000 people.
It is understood that none of the bidders to date currently have significant glass interests in Ireland or the UK.