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Currently Visiting » QUINN direct Home » Company » Quinn Group agrees to purchase the "De Vere Belfry" for £186 Million
Quinn Group agrees to purchase the "De Vere Belfry" for £186 Million
10 February, 2005
The QUINN Group is pleased to announce that it has reached agreement with the De Vere Hotels Group Plc for the purchase of the world-famous 'The De Vere Belfry' golf course, hotel and leisure complex located near Birmingham for a total consideration of STG£186 million.Famous throughout the world for its links with the Ryder Cup, The Belfry also includes a 324-bedroom luxury hotel, as well as state-of-the-art leisure and conference facilities. As part of the agreement, the De Vere Hotels Group Plc will continue to manage the facilities on behalf of the QUINN Group.
The acquisition of The Belfry will complement the QUINN Group's ongoing expansion plans in the UK, which include the following developments:
QUINN direct Insurance, which has already established a successful and growing commercial business in the UK and has recently entered the UK motor insurance market, has opened new offices in Salford Quays, Manchester, which will house 600 people when fully operational.
QUINN Glass is currently undertaking a major investment in constructing a new glass-manufacturing and bottling plant near Chester, which will be one of the most modern of its kind in Europe when completed.
The group is also expanding its radiator, plastic and building products businesses in the UK.
The Chief Executive of QUINN Group, Mr. Liam McCaffrey said that the acquisition of The Belfry represented an exciting new phase in the group's UK expansion plans. "In addition to providing a satisfactory return on a standalone basis, this asset will provide the Group with an excellent base for meeting customers and business associates in high quality surroundings. We have already seen what the development of the Slieve Russell hotel and leisure complex has done for our business in Ireland and we are very confident that we can build on this experience in the UK."
For further information, please contact:
Brian Bell, WHPR,
Tel: 00 353 1 669 0030
Mobile: 00 353 87 2436 130
NOTE TO EDITORS:
The QUINN Group's business activities include the production of cement and concrete products, polystyrene and polyurethane insulation materials and container glass for the food and beverage industries. Through QUINN direct, the Group provides motor, household, general and commercial insurance products to the Irish and UK market. The Group also has an extensive property portfolio, including hotels, public houses and a fitness centre, located in Ireland and the UK.
During 2004, the QUINN Group acquired Barlo Group plc. Barlo is Europe's largest manufacturer of extruded transparent sheet plastics. In addition, it is involved in the coloured sheet sector and packaging. Through its Barlo Warmastyle, Veha and Merriott brands, the Group is one of Europe's leading producers of domestic and specification radiators.
Over the last 31 years, the QUINN Group has consistently strived for revenue and profit growth year on year through expertise and innovation in each of the industries it is involved in. To this end, it has developed a wide range of experience and understanding of the dynamics of all its chosen markets.
In 2003 the Group, recorded a turnover of €593m, with pre-tax profits coming in at €164m. It is forecasting turnover of €1bn. and pre-tax profits of circa €220m for 2004 with further growth in both turnover and profits in 2005.
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