Former Quinn group confirms acqusition approach

Aventas Group, the renamed former Quinn Group of companies, has confirmed it has received an approach by a group of businessmen to buy the business.

In a statement issued this afternoon, the board of Aventas said it had recently received a highly preliminary indication of interest from John McCartin and two other individuals expressing interest in the potential acquisition of some or all of the assets of the group.

The board said it had requested further information from Mr McCartin about the proposal but stressed that no discussions are ongoing at present.

The Aventas Group comprises four operating divisions that have a portfolio of businesses including glass, packaging, construction supplies, radiators and plastics.

The business, which was formerly owned by Seán Quinn, rebranded from Quinn Manufacturing Group to Aventas Group in November.

The company had previously rebranded its plastics unit as Polycasa and intends to rebrand its other divisions.

Aventas is 75 per cent owned by its former creditors - mainly banks and hedge funds - with the remainder held by its principal former lender, Irish Bank Resolution Corporation.

In January, Aventas announced plans to invest €16 million in the Quinn Cement plant in Co Cavan. The investment is part of an overall spend of between €30 million and €50 million which the group plans to make in upgrading and maintaining the facility over the next five years.