Another landmark sale in the liquidation of Seán Quinn’s assets involved the sale of four-star Slieve Russell hotel in County Cavan, once owned by former billionaire Seán Quinn, to a property company in Australia. The Slieve Russell, located in County Cavan was among the assets sold off by the liquidators of Anglo-Irish Bank, now operating as the Irish Bank Resolution Corporation, or IBRC.
This resort now has a new owner- Tony Brady, a businessman who is originally from County Cavan but is based in Australia-he has reportedly bought this property for around €30 million (£25 million). Brady echoed his enthusiasm over the purchase when he said, “It is a true privilege to be the winning buyer of this beautiful estate.” More importantly, he reassured the stakeholders that the resort will continue to be operated by its present local staff, which has drawn praises for running it with great efficiency. The Slieve Russell is an important local employer and already employs thousands of people in the area.
Seán Quinn, once Ireland’s richest man, built a giant business empire with investments in quarrying, manufacturing, and hospitality. An appallingly bad Anglo-Irish Bank investment drained Quinn’s finances overnight; the individual declared personal bankruptcy in December 2011 with debts estimated at over £2 billion. This bankruptcy brought the business enterprise under the control of the bank, something locals referred to as “de-Quinning,” a move that effectively sent the Quinn family out the door.
Quinn’s efforts to regain the Slieve Russell proved abortive, which manifests the problems with the liquidation process of his once promising business portfolio. Selling the hotel is part of an asset sales series that the IBRC is executing while processing the effects of the financial crisis that left its mark on many businesses in Ireland.
Company enjoying the most scenic location and availing themselves of the most extensive amenities, the Slieve Russell resort remains integral to the local economy and community. Indeed, with new ownership, one hopes that the resort will continue its momentum under new management while remaining committed to local employment and community engagement.
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