Sale agreed on former Liberty building

A sale has been agreed for the purchase of the Liberty Insurance building on the outskirts of Cavan Town.

The former Quinn Insurance headquarters had been put up for rent or sale in June last year after plans were announced to align commercial insurance and back office functions resulting in the loss of 70 jobs in Cavan and Dublin.
While a sale has been agreed for an as-yet undisclosed sum, The Anglo-Celt understands that the process is some way off from being finalised.
Comprising of three floors of office accommodation over basement, the mixed open-plan 24,918 sq. property previously served as the headquarters of Quinn Insurance, under the ownership of former Ballyconnell billionaire Sean Quinn.
'The Killygarry Building' was said to represent a turnkey opportunity 'suitable for a range of modern occupiers needs'.
The job cuts at Liberty last year, which saw remaining staff moved to a single building on site, were the third such round of redundancies since the US insurance giant bought Quinn Insurance as part of a joint venture with Anglo Irish Bank back in April 2011.
At the time, the High Court was told no job losses would result arising out of the deal.
However, a year and a half later Liberty announced 285 redundancies, with 75 in Cavan, though this figure rose to 110.
At its height, Quinn Insurance employed almost 2,700 people.
According to the latest figures available, there are less than 200 staff now employed at their Cavan base, representing under 30% of the workforce at its peak.
Liberty claimed that 'market volatility, claims increase and excess capacity for commercial liability insurance' forced their decision to reduce staffing levels locally last year.
Liberty was contacted for a comment but, at the time of going to print, had not yet responded.