Quinn to share €450m takeover proceeds with children
Sen Feargal Quinn will share the proceeds of the estimated €450 million takeover of Superquinn with his five children, Eamonn, Stephen, Gillian, Donal and Zoe.
Sen Quinn controls 45 per cent of the business, with each of the children holding an 11 per cent stake.
Collectively, they are expected to retain about 5 per cent after the takeover has been completed.
A simple division of the €450 million consideration would suggest that Sen Quinn would draw close to €200 million from the deal, with each of his sons and daughters receiving almost €50 million.
This calculation fails to take account of debt which may be owed by Superquinn, however. This debt, which may need to be paid back out of the takeover proceeds, could substantially reduce the amount due to each shareholder. Neither side of the deal gave details on this yesterday.
Mr Eamonn Quinn and Mr Stephen Quinn will continue to hold executive positions at Superquinn after the takeover. Their brother, Donal, is a trainee accountant and has no day-to-day involvement with the firm.
Sen Quinn's eldest daughter, Gillian, is a non-executive director while his second daughter, Zoe, is not involved in the business.