Council write letter to wish QBRC buyout well

The elected members of Cavan County Council have supported a motion to write a letter to the consortium, called the Quinn Business Retention Company (QBRC), wishing them well in their endeavour to buy two key units of the manufacturing arm of the business called Aventas Group.
The deal, which has entered a process of due diligence after an offer from QBRC was accepted, will see the consortium and equity firm Endless acquire the packaging and construction industry supplies (CIS) divisions for an undisclosed sum, though believed to be in the region of €85m.
The two sections of the former Quinn Group business employ 650 people in the Ballyconnell/ Derrylin area along the border.
At the monthly meeting of Cavan County Council last Monday, it was proposed by Sinn Féin councillor Damien Brady that the authority write a letter to the consortium of local businessmen.
QBRC includes former Quinn group chief executive Liam McCaffrey, former development director Kevin Lunney, former finance director Dara O’Reilly and former radiator division chief executive Denis Doogan.
Three local businessmen also lead the consortium and these are Fine Gael Cllr John McCartin of Newtowngore Engineering Ltd, John “Bosco” O’Hagan, MD of the Specialist Joinery Group; and Ernie Fisher, former MD of Fisher Engineering Ltd.
“It’s great news for the area and it’s great new the companies could soon be back in the hands of people who know the nuts and bolts of running it. It will also bring stability back to the 800 or so workers there,” said Cllr Brady.
The motion was seconded by Fianna Fáil’s Sean Smith who said the potential takeover “augurs well for the future. Let people with an interest in the area and the business be at the helm. People from the area are proud of where they’re from and proud in what they do, and that is generating employment”.
Fine Gael’s Peter McVitty, who warned that the process is still at a “delicate stage”, Cllr Paddy O’Reilly and Cllr John Paul Feeley (FF) also spoke in support of the motion.
At present QBRC are working towards accessing up-to-date financial data for Aventas before making a formal bid.
Aventas is 75% owned by its former creditors – mainly banks, bondholders and hedge funds – with the remainder held by its principal former lender, Irish Bank Resolution Corporation.