Jersey company now owns Laya Healthcare

The 2012 results for the Quinn Group manufacturing businesses were disclosed in a one-page press release in September, but the accounts have now been filed with the Companies Registration Office and they run to 130 pages.

Gortmullan Holdings is the parent company of subsidiaries involved in the glass, plastics, radiators and construction products sectors and 2012 was the first full year of trading for the restructured group.

As was disclosed in the press release, the €70.3 million reduction in net debt that was booked during 2012 included a voluntary repayment of €20 million and brought the figure to €395 million at the end of that year.

The accounts describe the voluntary prepayment of the €20 million as having been “significantly ahead of expectations” and disclose that a further €4.5 million was repaid in March of this year.

Under the heading of going concern, the accounts state that the directors are satisfied the group can meets its liabilities as they fall due.

The group employed an average of 2,772 during the year, down approximately 200 on the previous year, at a total cost of €119.2 million.

The highest paid director – presumably chief executive Paul O'Brien – was paid €1.089 million, of which €906,000 was pay.

Directors' pay
Total directors' emoluments – there were two executive directors and seven non-executive directors (not all of the non-execs served a full year) – was €3.3 million.

Interestingly, and in contrast to most media reports about a management buyout of Laya Healthcare, the accounts say that Gortmullan still owns 70 per cent of the business.

The sale of 30 per cent to the health insurer’s management resulted in a net gain of €6.6 million for Gortmullan.

The transaction was effected using an offshore company, Jersey-based Avondhu Ltd, which is now the sole shareholder of the state's second largest health insurer.