Page last updated at 11:25 GMT, Friday, 6 November 2009

Quinn plans hundreds of new jobs

Sean Quinn
Sean Quinn founded his business 38 years ago

The Quinn Group plans to create 800 jobs over the next three years with the majority at its manufacturing centre at Derrylin in Fermanagh.

The new posts were indicated by Chief Executive Liam McCaffrey in an interview with the Irish Times.

Accounts for the Quinn holding company, Quinn Group (ROI), filed recently showed it made pre-tax profit of 83m euros in 2008.

That compared to a loss of 425m euros the previous year.

The group also set aside 126m euros related to losses incurred by the Quinn family's ill-fated investment in Anglo-Irish bank.

Setting aside exceptional items, the group made an underlying pre-tax profit of 466m euros in 2008.

The group is one of the largest companies in Northern Ireland with interests in insurance, glass, cement and the leisure sector.

It owns several manufacturing sites in Derrylin, which is close to the area where group founder Sean Quinn grew up and still lives.

Future investment

Mr McCaffrey told the Irish Times that the group would continue to invest in its Irish facilities.

"We've found that the best staff we have in the organisation internationally is the Irish staff. We would intend to bear that in mind when focusing future investment," he said.

He added that the business was healthy, with each part of it making profit.

The recently filed accounts also detail 200m euros paid to Mr Quinn's five children, the oldest of whom is 32.

The money was described as being "to facilitate the development of their independent wealth portfolios".

Four of the five children work within the group.

In a statement earlier this week following the release of the accounts, Mr Quinn, chairman and managing director of the group, described 2008 as "one of the toughest years I have experienced during 35 years in business".

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