THE company which acquired the construction and packaging elements of the former Quinn Group has posted a €4.34 million (£3.2m) loss in its first set of annual accounts
Quinn Industrial Holdings (QIHL) was set up in December 2014 so the accounts only cover one month.
The company was set up to acquire assets including manufacturing facilities on both sides of the border at Ballyconnell, Co Cavan and Derrylin, Co Fermanagh as well as another manufacturing plant in Granard, Co Longford and a cement import facility at Rochester, Kent outside London.
The accounts reveal that the firm employs more than 650 people.
It posted a turnover of €9.16m (£6.74m) for the period November 20 to December 31 giving it gross profits of €748,000 (£551,000).
Accounts show the firm incurred €768,000 (£565,000) to reinstate a quarry following the acquisition of Quinn Building Products.
A one-off settlement cost of €147,000 (£108,200) was paid by Quinn Concrete to a land owner over the extraction of raw materials.
Severance packages of €66,000 (£48,600) were agreed with some employees while provision of €1.4m (£1m) were recognised "with respect to outstanding legal claims which were previously recognised at the Aventas Manufacturing group level".
Chief financial officer Dara O’Reilly said that QIHL had already delivered significant growth since acquisition.
“Since we acquired the business it has performed strongly, exceeding both last year and budget," he said.
"Based on this performance and our comfortable debt maturities which stretch from 2019 to 2024, QIHL is well placed to further invest in our infrastructure and asset base in the periods ahead."
The construction side of business has its roots in what was the original business of the Quinn Group which was founded by former billionaire Sean Quinn in 1973.
Its manufacturing facilities are located in Fermanagh and Cavan with a distribution facility in ent which handles bulk cement export to the UK.
Quinn Packaging meanwhile is one of the largest and most diverse food packaging manufacturing operations in Ireland or the UK.
