Quinn family fires warning shot at potential bidders

Statement follows news that high-profile pubs are up for sale

Seán Quinn: his family said the sale of any Quinn companies or company assets would compound the “illegality” of Anglo’s takeover. Photograph: Dara Mac Dónaill

Seán Quinn: his family said the sale of any Quinn companies or company assets would compound the “illegality” of Anglo’s takeover. Photograph: Dara Mac Dónaill

 
QuinnAnglo Irish BankKieran Wallace

Parts of the manufacturing and property group taken over by the now defunct Anglo Irish Bank, which appointed the receiver, and a group of bondholders, are currently either for sale or are said to be the subject of potential bids.

The transactions are taking place as members of the Quinn family are taking proceedings against the former bank and Mr Wallace, claiming that the loans which dragged the group under should not have been made in the first place.

Proceedings listed

Estate agents CBRE put two landmark Dublin pubs, the Cat and Cage and Quinn’s, both in Drumcondra, on the market last week. It was also reported that one-time Barlo chief executive, Tony Mullins, is preparing a bid to buy back the radiator and plastics manufacturer from Aventas, the vehicle that owns most of the old Quinn group’s productive businesses.

Pub buyers

Irish Bank Resolution CorporationKPMGEamon Richardson

Last week, the Quinn Business Retention Company (QBRC), whose backers include of some of the group’s former executives, agreed to buy the old Quinn Group’s construction supplies division and its packaging business in a deal likely to be completed in October.