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The Quinn Group

The biggest question about Anglo, has been, and always has been, the relationship between it and its biggest debtor, Sean Quinn’s group. He was also at one point the bank’s biggest shareholder. We don’t know whether he was (or is) also a bondholder.

Last year I took a detailed look at Quinn’s network of companies – and the recent news brings this work back into focus. To say the Quinn Group of companies is large would be understating it. And remember, the Quinn Group owes Anglo billions of euro – so it is important to see what potentially was borrowed by the Group in order to fund their investments. Where did all the money go?

Quinn Group (ROI) Limited (Limited as of 2007) was the Ultimate Owner of the Quinn companies. It has an address at Dublin Road, Cavan. In the year to end 2007 it had operating revenue of €1.8bn and total assets of €2.6bn. It’s losses before tax in 2007 was €425,308. In 2007 it had tangible fixed assets valued at €1.2bn. Current and former directors of the group include:

1. Mr Brendan Tuohy (Wicklow, former Sec Gen at the Department of Communications)
2. Mr (John) Dara O’Reilly (Cavan)
3. Mr Kevin Lunney (Cavan)
4. Mr Liam McCaffrey (Enniskillen)
5. Mr Patrick Murphy (Shankill, Co Dublin)
6. Mr Peter Quinn (Enniskillen)
7. Mr Patrick Anthony O’Neill (Kilkenny)
8. Mr Sean Quinn (Cavan)
9. Ms Patricia Quinn (Cavan)
10. Mr Dara O’Reilly (as above) Company Secretary (since 27/06/2007)

Quinn Group (ROI) Limited has two subsidiaries. One is its wholly owned subsidiary, Quinn Group Limited and it also has a large stake in a company called Quinn Investments Sweden AB.

Quinn Group Limited (GB) has multiple, mostly wholly owned, subsidiaries. These are:

QUINN AVIATION LIMITED
QUINN CONCRETE LIMITED
QUINN GROUP FAMILY PROPERTIES LIMITED
QUINN GROUP PROPERTY HOLDINGS LIMITED
QUINN INVESTMENTS LIMITED
QUINN PLASTICS LIMITED (Britain)
QUINN PROPERTY MANAGEMENT LIMITED (Britain)
QUINN QUARRYING AND CONCRETE LIMITED
QUINN CEMENT Limited (not wholly owned)
SARCON (No. 159) Limited (not wholly owned)

Quinn Group Family Properties has its own wholly owned subsidiaries:

Barge Public House Limited (with its own subsidiary called Barge Property Limited)
Messers Maguire Public House Limited
Molesworth Street Hotel Limited
Quinns Cat and Cage Public House Limited (with its own subsidiary called C & C Property Limited)
Quinns Public House Drumcondra Limited (with its own subsidiary called Quinn’s Drumcondra Property Limited)
Quinns Q Bar Limited (with two subsidiaries called Quinn’s Q Bar Property Limited and Quinns Public House Finglas Limited)

Quinn Group Property Holdings Limited has a subsidiary called Quinn Warehousing Limited.

Quinn Investments Limited has five subsidiaries:

Quinn Financial Services Holdings Limited
IRG Holdings Public Limited Company (not wholly owned)
Quinn Group Limited (not wholly owned, is parent of parent)
Quinn Quarries Limited
Quinn Windfarm Limited

Quinn Quarrying and Concrete Limited has one subsidiary called Quinn Lite Pac Limited.

Quinn Cement Limited has one subsidiary called Quinn Cement (NI) Limited

Sarcon (No. 159) Limited has one subsidiary called Quinn Barlo Limited.

Quinn Investments Sweden AB

This company has multiple wholly owned subsidiaries, and not wholly owned subsidiaries. All except the last are registered in Sweden. These are:

Bashkort AB (Bizens-Park Ltd Liab Comp and Quinn Acquisition Sweden are subsidiaries, both registered in Russia)
Quinn Acquisition Sweden AB
Quinn Assets Sweden AB (Nedacin Limited (Cyprus) is a subsidiary, which itself has subsidiary in Russia called Striotlend)
Quinn Building Sweden AB (Carcer Management Ltd (Cyprus) is a subsidiary)
Quinn Development Sweden AB (DC Property SRO (Czech) and PZP Komplet AS (Czech) are subsidiaries)
Quinn Holdings Sweden AB (Quinn Holdings Ukraine (Ukraine) is a subsidiary)
Quinn Hotels Sweden AB
Quinn Interests Sweden AB (Quinn Emlak Yatrim Insaat ve Ticaret AS (Turkey) is a subsidiary)
Quinn Investments 1 Sweden AB
Quinn Investments 2 Sweden AB
Quinn Investments 3 Sweden AB
Quinn Investments 4 Sweden AB
Quinn Land Sweden AB
Quinn Logistics Sweden AB
Quinn Management Sweden AB (Kilfallon (Cyprus) is a subsidiary)
Quinn Park Sweden AB
Quinn Retail Sweden AB
Quinn Services Sweden AB (Samonaca Holdings (Cyprus) is a subsidiary)
Quinn Silver City Sweden AB
Quinn Way Sweden AB (Krostein Investments (Cyprus) is a subsidiary)
Quinn Windfarm Holding Limited (IE) (Mantlin Limite (GB) is a subsidiary)

That gives you a flavour of the of subsidiary (not necessarily wholly owned) companies in the Quinn Group. You might wonder about the structure (Irish and British companies with subsidiaries in Sweden with subsidiaries in Russia) and the mentions of Russia, Cyprus, Czech Republic and Turkey.

Just recall what Quinn was buying during the boom.

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10 Responses

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  1. Andrew S says

    I thought the ultimate holding company was unlimited?

  2. Gavin Sheridan says

    Corrected, I think went unlimited in 2007, last date for which accounts available. All other data on companies is up to date as far as I can tell.

  3. John S says

    Can anyone remember him having to put in 50 million around 2000 because he was not operating his company properly? Might have picked up a fine.
    Obviously he has never learned his lesson and I doubt he ever would.

  4. C Flower says

    Thanks again Gavin. I would dearly love to know if he is a bondholder in Anglo Irish Bank.

    This blog entry is being discussed here -
    http://www.politicalworld.org/showthread.php?t=916

  5. Kay Haley says

    I’ve been trying to unravel this company’s corporate structure for a business class, and have yet to figure out how Quinn Hotels Group Luxembourg S.a.r.l. relates back through the UK subsidiaries to the parent. The Luxembourg companies register does not state the company’s shareholder(s). Anyone have any ideas on this?

  6. Anonymous says

    I would just like to ask….. what the hell is the big deal about “The Quinn Group”

  7. Mark Rachkevych says

    Who is Robert Dix within Quinn Holdings Sweden?

  8. anonymous says

    bean counter appointed by IBRC to retrieve assets

  9. TONES says

    Have you looked in here and searched for Quinn etc?
    Lots of interesting offshore and onshore assets…
    http://offshoreleaks.icij.org/nodes/208022

Continuing the Discussion

  1. Quinn, Russia and Ukraine – The Story linked to this post on October 15, 2010

    [...] is also worth noting that we pointed out the basic subsidiary structure some time ago. Quinn Assets Sweden AB is one of the Swedish subsidiaries of Quinn Group (Nedacin Limited (Cyprus) [...]



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