The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
260 jobs Number of planned job losses
Announcement Date
29 April 2010
Employment effect (start)
29 April 2010
Foreseen end date
31 August 2011
Description
Quinn Insurance is to make 260 job cuts across the UK over the next twelve to fifteen months. These cuts are part of major restructuring of the company, which will result in 900 job losses in total from nine offices across the UK and Ireland.
Administrators Grant Thornton will go through a consultation period with the Employees Representative Committee, and hope to fulfil the job losses with voluntary redundancies; they have, however, stressed that no offices will close. They are looking to make a total of 350 redundancies by this July, with the rest over the following 12 months; making a saving of €30 million annually. The restructuring relates primarily to Quinn Insurance Ltd's businesses in the UK. 179 jobs are to be cut from the Enniskillen branch, 27 from Derrylin and 54 from Manchester and London. Staff are to be offered four weeks' pay per year of service in addition to their statutory entitlement.
The company is now up for sale; it is thought that it ran into problems due to massive losses made by its owner Sean Quinn in a stockmarket gamble on the now-failed Anglo Irish Bank. He has said he and his family are "devastated" by the redundancies, and has thanked staff and customers for their support. Quinn workers' spokeswoman Mona Bermingham said "There's a lot of worry, disillusionment, dejection - it's going to have a massive impact and it's not something we'll be accepting easily."
Fine Leader Enda Kenny today said the party's cross border forum will meet to respond to the proposed losses. It will be attended by representatives from the Oireachtas, local authorities, and members of the Northern Irish Assembly. "The economic consequences of the job losses at Quinn will be felt very severely in this border area. This crisis requires a cross-border response...Irish Government ministers and the new Secretary of State for Northern Ireland must now meet as a matter of urgency and prioritise immediate and long-term action plans for both governments."
Sources
1 May 2010: Irish Times Website
1 May 2010: BBC Website
29 April 2010: BBC Website
Citation
Eurofound (2010), Quinn Insurance Ltd, Internal restructuring in United Kingdom, factsheet number 70509, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70509.
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