Dramatic rise to, and fall from, the top of the pile

JUST four years ago Seán Quinn was Ireland’s richest man worth almost €5 billion.

But the cement tycoon has finally been forced to give up the remnants of the empire he built on the back of a £100 loan.

His rise to the top has ended with the most spectacular fall.

The once shrewd 64-year-old saddled himself with €2.8bn in debts built up through failed complex share investments in Anglo Irish Bank. Neither Mr Quinn, his wife Patricia or their five children will have any further roles in his prized Quinn Group.

Mr Quinn left school at the age of 14 to work on the family farm in Derrylin, Co Fermanagh, in the North.

With a borrowed £100 he dug a hole on the 23-acre small-holding, started extracting gravel, washing it and selling it to builders before developing his business across the border.

Soon dubbed the “Mighty Quinn”, he took on the huge Cement Roadstone Holdings (CRH), who had the market sewn up, and later turned his attentions to insurance, glass, plastics and radiators.

The Quinn Group also set its sights on the hospitality industry — with the Slieve Russell Hotel in Co Cavan at its centrepiece, and a hotel and leisure business spanning Ireland, Britain, Bulgaria and Poland. He bought the Prague Hilton in the Czech Republic and, in England, took over the De Vere Belfry hotel and golf course, venue for the Ryder Cup on four occasions.

The Quinn Group became recognised as Ireland’s most profitable private company with a worldwide workforce of more than 8,000.

In January 2007, Mr Quinn bought the country’s second biggest health insurance provider Bupa Ireland for €150 million in a deal that stopped it leaving the Irish market.

Within a year, the Sunday Times Rich List estimated his worth at €4.72bn. Forbes Magazine’s listed him as the 164th wealthiest individual on the planet.

But it was Mr Quinn’s reputation as a plain-living but fearless outsider who took on big monopolies and won which finally cost him. Investing heavily in the maverick Anglo while he was still Ireland’s richest man stripped the sheen off the cement tycoon with the Midas touch.

The move proved to be a monumental mistake for the usually shrewd entrepreneur — who initially had at least €1bn wiped off his personal wealth.

Attempts to service his debts led to Mr Quinn’s resignation as chairman from his flagship Quinn Insurance when the firm was hit with a record €3.25m fine in 2008 for breaching financial regulations.

Exactly 12 months ago the media-shy entrepreneur relinquished control of the most profitable arm of his business with permanent administrators appointed to Quinn Insurance.