Police on both sides of the Irish border have confirmed they are investigating “death threats” against a businessman just days before his company was set to acquire a company once owned by the failed property billionaire Seán Quinn.
The construction group Lagan, which has its headquarters in Belfast, has confirmed it is pulling out of a multi-million pound deal to buy a County Fermanagh roof tile manufacturing business from Aventas, the new name for the Quinn Group. It blames an ongoing “intimidation campaign” aimed at staff from both companies for the decision.
Since Seán Quinn lost control of the Quinn Group three years ago there has been a series of attacks on his former group’s companies or those who have expressed an interest in buying them. Quinn who, in 2008, was named as the richest man in Ireland has repeatedly condemned the incidents.
Last year, when Lagan and Aventas announced they were looking at a possible merger of their cement manufacturing operations, a member of Lagan’s board received a bullet in the post. And earlier this year, as the latest buy-out was confirmed, several offices and sites owned by both firms were damaged. In one February weekend, arson attacks on machinery and vehicles in Down and County Cork caused an estimated €1m (£828,0000) worth of damage.
The end for chairman Kevin Lagan came last week on the day of his wife’s funeral. He received a letter warning him that if he continued with the Aventas deal he and his fellow executives “would not live to see the benefits of the sale”.
“No business could operate when criminal threats against operational decisions put employees, directors and families at risk,” his company said in a statement. “Notwithstanding our desire to grow and invest in the Fermanagh roof tiles operation, in order to support local communities through the maintenance of existing jobs and the creation of new jobs, we have decided to withdraw from the purchase process.
“This is a sad day for both the employees and for the local communities,” it added. “It also sends out completely the wrong message to potential investors, both regionally and internationally.”
Within days of the Lagan Group making its February commitment to buy the Fermanagh company, three unnamed businessmen revealed they are joining forces to buy the former Quinn Group’s manufacturing operations from the receivers for around €500m (£414m). The trio, from Northern Ireland and the republic, has established Quinn Business Retention Company to acquire the various businesses owned by the Aventas Manufacturing Group. The men claim they have backing from overseas finance houses as well as the “moral support” of Seán Quinn.
“We are in direct discussions with the management team at Aventas, and their advisers, with a view to purchasing the group outright,” the businessmen said in a statement. Through a spokesman all three have condemned “any form of intimidation” against company property or individuals.
At its height the Quinn Group was said to be worth €5bn (£4.1bn). Its holdings — which employed almost 6,000 people — included office and leisure properties across Europe, a health insurance provider and a 28 per cent stake in the troubled Anglo Irish Bank.
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