Seán Quinn’s ambition to regain control of the business he started 40 years ago appears to be over after his contract with his former company was terminated following a bitter dispute with its management team.
The discharged bankrupt businessman will be departing from his €500,000 per year advisory role after months of internal difficulties at Quinn Industrial Holdings Ltd (QIHL).
Mr Quinn was recently issued with an ultimatum by the American owners of the manufacturing business warning him that he faced having his contract ended if he did not comply with a number of conditions.
A fortnight ago, the financiers asked Mr Quinn to withdraw his demand for an equity stake in the business, a seat on the board and to promote and engage with the senior staff in a constructive manner.
They also requested he withdraw allegations of impropriety against the management.
Part company
However, after a number of meetings between representatives of Mr Quinn and management in recent days it appears the only option was to part company with him.
In an email to staff yesterday, the company’s directors explained how they believed that recruiting Mr Quinn as a consultant when it bought the business in December 2014 “would enable us to benefit from the wealth of experience that Seán had built up since he founded the businesses.”
But it soon emerged that Mr Quinn was not happy with the role and instead wanted to regain control of the business he lost in 2011 leading to a rift between him and senior management.
Regaining control
With Mr Quinn off the stage, it now looks like his family will use the opportunity to repair relations with management in an attempt to pursue the one time billionaire’s dream of regaining control of the business.
In a statement to the Impartial Reporter newspaper last night, Mr Quinn said: “As has been well-publicised, there have been commercial differences between me and the stakeholders arising from the recent restructuring of the company.
“I confirm that an agreement has now been reached with QBRC which creates a pathway for the Quinn family to potentially realise its ambitions over time. Arising from this positive development, I have agreed to stand aside from my contract with Quinn Industrial Holdings to facilitate that process,” he added.
Mr Quinn’s son, Seán Quinn jnr, also a consultant, will also be leaving the Co Fermanagh-based company.