Quinn Group founder "greatly regrets" what has happened

Quinn Group founder and former Quinn Insurance chairman, Sean Quinn, says he is "devastated" at today's announcement of the proposed redundancy programme affecting approximately 900 staff at the insurance firm.

In a personal statement, Quinn said: "Both myself and my family are devastated with today’s announcement of impending redundancies at Quinn Insurance. I would like to sincerely express my appreciation of the huge effort that staff have made in making Quinn Insurance the great success that it has been and I greatly regret what has happened in recent weeks.

"I would also like to personally thank all the staff and the very loyal customer base who have shown their overwhelming support as well as the thousands of people across the country who have shown their support in various ways."

He added: "At the group board meeting this week we decided that given the developing situation it was in the best interest of Quinn Insurance that we would offer it for sale so as to protect the business and maintain the maximum number of jobs within it.

"I just hope that in time the company will return to the dynamic business it was up until the 30th March and that employment levels will increase again in the future. Our thoughts are with all of the staff today."

The Quinn Group earlier announced it is considering selling Quinn Insurance.