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Quinlan cuts debts by €3bn

Reduction in debt seen as a “major win for the Irish taxpayer”. Photograph: Alan Betson

Reduction in debt seen as a “major win for the Irish taxpayer”. Photograph: Alan Betson

 

Property investor Derek Quinlan has cut his debts by more than €3 billion through a series of asset sales over the p

ast five years, the Sunday Independent reported.

Quinlan’s firm, Quinlan Private, led syndicates in high- profile property deals during the bubble era, including the €1.1 billion purchase of the Savoy group of hotels in 2004.

It subsequently sold the Savoy. The remainder of the group is now Maybourne Hotels and is at the centre of a legal battle between Paddy McKillen and the Barclay brothers.

Quinlan and his advisers have paid debts owed to banks including Royal Bank of Scotland and Barclays, as well as to Nama. The Sunday Independent billed the reduction of his debt as a “major win for the Irish taxpayer”. It also quoted a source close to Quinlan as saying: “We actually need to allow the likes of Johnny Ronan and Derek Quinlan to get back to work . . . and create employment in the Irish economy.”

Ex-Barlo chief bids for firm

Tony MullinsQuinn

Mullins is using an investment vehicle called March Capital, whose investors include former Barlo executives Brian Beausang and Conor Murphy, in his bid to retake the business. In 2004, Seán Quinn trumped Mullins’s €70 million bid to take Barlo private with an €84 million offer. It is now part of Aventas, the rebranded Quinn group.

Dilosk’s non-recourse loans