Quinn Group set to join billion-euro companies

The Cavan-based Quinn Group is expected to join the ranks of Ireland's billion-euro companies this year, with turnover expected to top the €1,000 million mark for the first time.

Quinn Group, which is controlled by Fermanagh entrepreneur Mr Seán Quinn, posted turnover of €600 million in 2003.

The higher sales, which will be attributable in large part by acquisitions made over the past few months, are expected to feed through into higher profits.

Internal group estimates suggest that pre-tax profits will exceed €200 million in 2004, up from €160 million last year.

The figures bear testament to the ambitious expansion strategy undertaken by Quinn Group over the past six months.

The €84 million takeover of radiator and plastics group Barlo in April was the culmination of this, although a spokesman confirmed yesterday that further chunky deals were likely over the remainder of the year.

Quinn Group's debt levels remain manageable, with borrowings expected to come in at less than €300 million at end-December.

The spokesman confirmed that Quinn Group had tabled a bid for the exclusive Wentworth Club in Surrey, which is reported to have attracted offers from at least three interested parties.

The spokesman declined to comment on reports in the Sunday Times that Mr Quinn had offered to pay €130 million for the golf club, which hosts the prestigious Volvo PGA Championship.

He confirmed however that Mr Quinn was in the running to buy the club, explaining that Quinn Group sees the facility playing a key role in its English expansion.

Mr Quinn is hoping to use the Wentworth Club, which includes a health club and spa facilities, in much the same way as he does his Slieve Russell Hotel in Co Cavan, according to the spokesman.

This would see the Quinn Group as a whole using the club's facilities to entertain and reward customers and associates.

The proximity of Wentworth to existing Quinn assets, including the Leigh radiator plant acquired as part of Barlo, is seen as a huge advantage, the spokesman said.

He suggested that Wentworth would also fulfil a role in supporting the expansion of insurance subsidiary Quinn Direct into the Manchester area.