Seán Quinn

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Seán Quinn
Seán Quinn
Born	5 December 1947 (1947-12-05) (age 61) Teemore, Co Fermanagh, Northern Ireland
Residence	Ballyconnell, Tullyhaw, County Cavan, Republic of Ireland
Occupation	Chairman of Quinn Group
Net worth	▲ £3.73 billion (short scale) US$7.45 billion [1]
Spouse(s)	Patricia Quinn
Children	Seán Quinn, Colette Quinn, Ciara Quinn, Aoife Quinn and Brenda Quinn.

Seán Quinn (born 5 December, 1947) is an entrepreneur from Derrylin, County Fermanagh, Northern Ireland, and, as of 2008, the richest person in Ireland. He was born 5 December 1947, the son of a small farmer,^[2] and left school at 14 years of age.^[3]

The Sunday Times Rich List 2008 estimated his personal worth to be €4.722 billion or £3.73 billion, thereby making him the richest person in Ireland. ^[4] Forbes magazine's 2008 Rich List listed him again as the richest person in Ireland, in 164th place amongst the wealthiest individuals in the world. ^[5] His net worth as of February 2008 was estimated at $6.0 billion - or approximately £3.084 billion. (Conversion rate @ 11/02/08).^[1]

In November 2005 the Quinn Group, which is privately owned by the Quinn family, was elsewhere estimated to be worth between €4 billion and €5 billion.^[6]. The Quinn Group is widely acknowledged as the largest and most profitable privately owned company in Ireland. ^[7][8]. In 2006 the Quinn Group made a pre-tax profit for the year of £430 m (€632 m).^[7]. He is married to Patricia and they have five children, Seán, Colette, Ciara, Aoife and Brenda.

[edit] Irish business

In an interview with Ireland's Sunday Business Post, Seán Quinn attributed his initial success to the contacts he developed through the Gaelic Athletic Association. These contacts enabled him to build a company spanning both sides of the Irish border when, in 1973, he borrowed £100 and started extracting gravel from his family 23-acre (93,000 m²) farm, washing it and selling it to local builders.

The company was called Seán Quinn Quarries Ltd. from this came Quinn Cement, and the basis of his wealth. In recent years, however, Quinn has diversified with his Quinn Group playing a leading role in Ireland's hospitality industry^[9]. His centrepiece hotel remains the Slieve Russell Hotel in Ballyconnell, in rural west County Cavan. He is also a serious presence in Ireland's glass, radiator and plastics industries with Quinn Glass, based in Fermanagh, and Quinn Lite Pac, based in Longford. Today, the Seán Quinn Group employs over 1,500 people throughout Ireland.^[10]

The Quinn Financial Services business, founded in 1996, has been particularly successful in challenging the established insurance companies on the island, most especially through Quinn Direct. With its headquarters in Cavan, it made €123 million profit in the first six months of 2006, (up 38% on the previous year), on sales of €386 million between January and June 2006.^[11]

In January 2007 the Quinn Group Purchased Ireland's second biggest health insurance provider BUPA Ireland for €150 million in a deal that saved BUPA from leaving the Irish health insurance ^[12]. In the same month Seán Quinn increased his share holding in the Anglo-Irish Bank to approximately 5% for an equivalent value of €570 million - financed through the group's equity and through a deal with the Swiss based giant Credit Suisse.^[13]

Throughout 2007 peaking in July 2008 Sean Quinn increased his and his family's stake to 15% in Anglo Irish Bank. The bank along with all financial institutions in Ireland has seen its share price collapse in the latter half of 2008 and on 15 January 2009 the Irish government announced it had taken control of Anglo-Irish Bank. Shares were trading for as little as 20c (from a high of €10.15c) before the takeover.

[edit] 2006 expansion plans

Quinn Direct announced on 31 August 2006 to create over 900 new jobs at Cavan, Navan and Blanchardstown, County Dublin. Approximately 700 of these jobs will be in Navan and where the unit's European hub is to be based ^[14].

[edit] Recession

Forbes richlist estimated that the Quinn Families worth took a major hit in 2008/2009 with Denis O'Brien replacing Quinn as Irelands wealthiest person. A large part of this loss can be linked to the well-publicised, near collapse of Anglo Irish Bank which wiped out at least €1 billion of the families wealth. It is widely believed that the Quinn Family had acquired up a 25% stake, mainly through Contracts For Difference in the bank which had to be nationalised by the Irish government to prevent complete collapse. Sean Quinn admitted in an RTE Prime Time interview that it had 'set the company back 2 to 3 years'.^[15] In 2008, Quinn Insurance received a record €3.25 million fine from the Financial Regulator in the Republic of Ireland with Sean Quinn personally receiving a €200,000 fine. These related to loans issued from Quinn Insurance to an associated company. "These loans breached insurance regulations and as a result of this the Financial Regulator has sanctioned Quinn Insurance and myself. I accept complete responsibility for this breach of regulation."^[16] The fines arise from a failure to notify the regulator of a loan of €288 million from Mr Quinn's company, Quinn Insurance, to other firms in his group. The cash was used by the Quinn family to cover falling stock market investments and finance share-buying in Anglo Irish Bank. Mr Quinn and his family own almost 15 per cent of Anglo Irish, the State's third-largest public bank.^[17] On the back of the fines, Sean Quinn stepped down from the board of Quinn Insurance and a number of other Quinn Group boards announcing plans to restructure the boards to reflect those of a public company.

[edit] Overseas business

Quinn has to date also expanded into the hospitality industry in the Czech Republic, the United Kingdom, Bulgaria and Poland. The Quinn Group took control of the Prague Hilton, the largest five-star hotel in Prague, in 2004. It paid €145 million for the 788-room Hilton and the Ibis Karlin. This property transaction is regarded as the largest recorded single asset transaction in the history of the Czech Republic.^{[citation needed]} The Prague Hilton is currently undergoing a €50 million renovation while his company recently gained control of the Hilton Hotel in Sofia, Bulgaria.^[18]

In 2005 Quinn Group added the The De Vere Belfry hotel and golf course in England to his company. Also in 2004 Quinn Direct insurance expanded into the UK motor and commercial insurance market. Quinn Direct Insurance sponsored the British Masters tournament there in May 2006.

On 7 March 2007, Sean Quinn spoke publicly for the first time in 10 years at a conference at the Slieve Russell hotel organised by the Cavan County Enterprise Board, at which he outlined the strategic aims of the Quinn Group in the immediate future. Currently^[when?] the group is engaged in a number of commercial led property ventures in eastern Europe, Russia and now more notably Asia - specifically India. He also sees opportunities in traditional energy and renewable energy initiatives in Ireland. Nonetheless, he envisages the group's expansion in the next few years to be directed on a balance of two thirds towards the growth of the Indo-Eastern European commercial property sector, and the rest towards the expansion of the group itself.^[19]

[edit] Private life and recognition at home

Seán Quinn comes from a Gaelic Athletic Association family in Fermanagh on the border with Cavan where he and his brother Peter played football for Teemore. He lived in a small town called Williamstown in County Galway (currently where One of Quinns Quarry is located).^{[citation needed]} Peter Quinn became a financial advisor and in 1990 he was elected President of the Gaelic Athletic Association, Ireland's largest sporting and cultural organisation, in which role he served between 1991–1994. The brothers have a very close relationship with Peter playing a key role in the Quinn Group. Seán Quinn himself captained the Fermanagh team.^[20] The Quinn Group is also an important sponsor of Fermanagh GAA. Quinn's involvement in the Gaelic Athletic Association is, in the words of one commentator, 'a constant theme throughout the group' In the words of one associate, "The GAA forms a big part of Seán's life. Aside from that, he drinks the occasional jar in pubs in Ballyconnell and enjoys the odd game of poker.' ^[20]

His private life is closely guarded. His children are believed to be aged between 18 and 30. Three of them work in the family business while another two are still in full-time education. His son, Seán, lined out for the Fermanagh minor team. He rarely gives interviews but is far from being reclusive. He enjoys the simple things of life including the company of friends who knew him before he became successful.^[20] He lives with his wife and family in Ballyconnell, Tullyhaw, County Cavan, next to his landmark Slieve Russell Hotel and just down the road from his birthplace in Derrylin.

On 18 May 1999 Seán Quinn was awarded an Honorary Doctor of Laws from NUI Maynooth.^[21] He also holds an Honorary Doctorate from Queens University Belfast.

[edit] References

[edit] External links

• QUINN group official website
• QUINN-direct British Masters 2007