Quinn Group raises €248.5 million

SEAN QUINN’S hotels-to-insurance group has raised $300 million (€248.5m) through a private placement in the UYS and additional bank finance.

Mr Quinn has been extremely active on the acquisition front in the past few years, including the takeover of quoted plastics maker Barlo.

A spokesman for Mr Quinn said funds raised will be used by the Quinn Group for future development needs and to replace existing debt.

The fundraising was managed by Barclays Bank Ireland.