Troubled group remains on the defensive

THE QUINN GROUP kept its defences up yesterday, by claiming that the business, on a group-wide basis, is still on track to generate profits of more than €300 million this year, approximately €200m shy of what it was reporting prior to the economic downturn.

A spokesperson for the group said: “Some of the reporting, in certain Sunday newspapers, relating to the overall financial position of the Quinn Group is extremely inaccurate and misleading.”

They added that the group, which includes Quinn Insurance, which was provisionally taken over by administrators last week – has total combined borrowings of €1.2bn.