Glen Dimplex boss buys out partner

GLEN DIMPLEX deputy chairman Lochlann Quinn has offloaded his stake in the electrical appliance giant for an estimated €200 million.

The company confirmed yesterday that Glen Dimplex founder and chairman Martin Naughton had bought out his partner’s 26% stake to take outright control in the privately-owned heating and cleaning appliance giant. But it gave no details on the price Dr Naughton paid for Mr Quinn’s stake.

The change in shareholding took place “quite some time ago,” said chief executive Seán O’Driscoll, who added that it was widely known that Mr Quinn had stepped back from the day-to-day running of the business.