Updated 10.20

A local consortium has come together to buy part of the former Quinn Group.

A range of businesses are covered in the deal, including the cement, packaging and roof tile arms of the group. However, the group will not take over the glass business that used to form a significant part of the Quinn Group.

They employ a total of at least 800 people around the Co. Cavan town of Ballyconnell.

The Quinn Business Retention Company consortium is being led by Fine Gael Councillor John McCartin.

He told Newstalk's Breakfast he is prohibited from discussing the actual price of the multi-million euro deal, and has stated categorically that the Quinn family are not involved:

Civic entreprenurial endeavour

Cllr. McCartin said he began putting his consortium together after receiving representations from locals who wanted to see the business being secured.

He also told Newstalk recent arson attacks on company buildings were a hinderance in striking a deal. "The violence did not suit us" he said,"If the price was depressed, then it makes our job of rebuilding the company more difficult." 

Cllr. McCartin also expressed interest in acquiring the glass business, if it goes to market in an open tender process.

Tens of millions

No price has been given for the takeover, but the consortium's Head confirmed to Newstalk that the buy-out will cost his group tens of millions.

Finance for the deal is being provided by a British investment company called Endless.

Business Editor Ian Guider broke the news on Newstalk's Breakfast: