Quinn Group to buy Belfry golf course for £186m
Irish building products and insurance group Quinn is to buy the world-famous De Vere Belfry golf course, hotel and leisure complex near Birmingham.
The complex will be bought from the De Vere Group Plc for £186m (€270.2m).
Famous throughout the world for its links with the Ryder Cup, The Belfry also includes a 324-bedroom luxury hotel, and leisure and conference facilities.
The De Vere Group Plc will continue to manage the facilities on behalf of the Quinn Group.
The acquisition of The Belfry is part of the Quinn Group's expansion plans in the UK.
Quinn-direct Insurance recently entered the UK motor insurance market with new offices in Salford Quays, Manchester, which will house 600 people when fully operational. Quinn Glass is building a new glass-manufacturing and bottling plant near Chester and the group is also expanding its radiator, plastic and building products businesses in the UK.
Quinn Group boss Liam McCaffrey said: "In addition to providing a satisfactory return on a standalone basis, this asset will provide the group with an excellent base for meeting customers and business associates in high quality surroundings.
"We have already seen what the development of the Slieve Russell hotel and leisure complex has done for our business in Ireland and we are very confident that we can build on this experience in the UK."
In 2003 the Quinn Group recorded a turnover of €593m with pre-tax profits coming in at €164m. It is forecasting turnover of €1bn. and pre-tax profits of circa €220m for 2004 with further growth in both turnover and profits in 2005.
