Sean Quinn has been stripped of his €500,000 consultancy role with Quinn Industrial Holdings Limited, the company has confirmed. His son Sean Quinn Jr will end his sales role at the firm also.
Full statement just released now by QIHL Board
On 22nd April Quinn Industrial Holdings Limited (‘QIHL’) published an overview of our financial and operating performance for 2015, our first full year of ownership since the business was bought in December 2014.
As we mentioned in our statement it was a transformative year of business stabilisation and growth, increased employment and a renewed sense of pride and confidence for the future. Credit for this transformation rests with our locally based management team and our 743 staff whose collective commitment, hard work and determination ensure a robust and sustainable business for the future. Importantly, it should not go unnoticed that the success that we have collectively delivered has had a multiplier effect on our local community and the resultant economic impact extends well beyond our directly employed staff, as we estimate QIHL sustains more than 2,500 jobs in the local area.
Under local management, employment has grown by 13%, wages have increased by over 5%, revenues have grown by 25% and EBITDA has more than doubled. QIHL is on very strong financial footing and is poised to deliver continued growth.
As a reminder, QIHL was formed in 2014 to support QBRC Limited’s (‘QBRC’) two pronged mission of returning the former Quinn Group businesses to local management, and growing the businesses and stabilising employment, restoring pride and value in these very important local businesses that support the economic viability of the region. QIHL and QBRC have delivered on their word and will continue to support and invest in the business to support a robust local economy.
Following the acquisition of the businesses by QIHL we entered into a consultancy agreement as a framework to facilitate Sean Quinn’s involvement in the businesses. We believed that this would enable us to benefit from the wealth of experience that Sean had built up since he founded the businesses and was a role intended both as a mark of respect for Sean and to assist in creating a unified sense of purpose in support of a local management team and local businesses that sustain local employment and prosperity.
As time has progressed it has become evident that Sean’s expectations for his role and the ownership structure of QIHL are at odds with the strategic direction of the businesses.
Accordingly, it has been mutually agreed between the parties that QIHL’s consultancy arrangement with Sean Quinn and Sean Quinn Junior will be discontinued, albeit Sean will have continued access to office facilities for his own personal use. The Board of QIHL is pleased that it has been possible to reach agreement on this matter and we were keen that staff should hear the news directly from the Company.
In conclusion we would like to thank all staff for their hard work and assure you that QIHL continues to perform well and is optimally positioned to take advantage of the recovering Irish economy as well as strong and continuing demand from the UK construction market. With your continued support and our continued investment, QIHL is well placed to continue on our journey of business and employment growth in 2016.
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