The three US-based investment funds which own the construction supplies and packaging divisions of the old Quinn Group are set to spend another €10m on the business this year in a bid to support its long-term growth.

Packaging and construction products group Quinn Industrial Holdings Limited (QIHL) has struck an agreement for its founder Seán Quinn to step down from his job as a consultant to the firm, but it appears to have kept the door open to the involvement of Quinn family members.

Quinn Industrial Holdings Limited – QIHL — the packaging and construction products group to which founder and former tycoon Seán Quinn returned to work over a year ago — said profits, sales and jobs had all increased as it planned further significant investments in its operations.