According to reports in the Belfast Telegraph, UK-based Laing O’Rourke has been involved in two days of negotiations about a possible takeover of parts of the troubled Quinn Group at the company’s headquarters in County Cavan.
Quinn Insurance, the most profitable part of the company, was placed in administration at the start of April, after the financial regulator said it had breached key rules governing the insurance market. Although administrators Grant Thornton are still finalising a business plan for Quinn Insurance, major job losses are expected to be announced later today. However it is thought that any redundancies would take effect over the course of several months rather than immediately.
With a turnover of £5bn per year, Laing O’Rourke’s interest in any potential acquisition is likely to involve the cement and block building arms of the Quinn empire.
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