Former Quinn glass business sold for more than €400m

The glass business in Co Fermanagh that was formerly part of the Quinn Group has been sold to a Spanish glass concern for slightly more than €400 million.

Aventas, the group that took over many of the manufacturing assets of the former Quinn Group from the liquidator appointed by Anglo Irish Bank, has confirmed the sale.

The sale confirmation comes in the wake of a well-attended public meeting in Ballyconnell, Co Cavan, on Monday where people expressed concern about the business being sold to other than local interests, for fear of job losses.

As well as the Derrylin, Co Fermanagh plant, the glass business, which has been renamed Encirc, has a plant in Elton, Cheshire. The glass business is considered the "jewel in the crown" of the manufacturing activities build by the former billionaire, Sean Quinn, on his former family farm on the Cavan/Fermanagh border.

Aventas said that following a comprehensive sale process which attracted very considerable interest, Encirc has been sold to Vidrala, a Spanish container glass manufacturing company with extensive glass packaging businesses in Europe but with no manufacturing presence in the UK or Ireland.

Transaction "The transaction, which involves Encirc's manufacturing plants in Derrylin and Elton as well as the filling operation at Elton, has been completed for a total consideration of € 408.6 million.

Paul O’Brien, chief executive of Aventas, said it was pleased to have completed the sale to Vidrala, a company with the ability and expertise to continue to invest in Encirc which has acquired an international reputation for both product quality and service excellence.

At the weekend Aventas issued a short statement where it confirmed that it had been approached some time ago by a representative of local interests who might bid for the business, but said that no formal, funded bid had ever been received from that party. It said the preferred bidder for the plant had said it intended to maintain local employment.

QBRC Ltd, which involves local interests backed by three former bondholders in the Quinn Group, has bought the construction materials parts of the Quinn Group, which are also on the Cavan/Fermanagh border.