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Entrepreneur Sean Quinn has said it is “hard to believe” that the executives who ran his former Quinn Industrial Holdings business have now changed their name to Mannok.
Quinn questioned the right of his former executives, Liam McCaffrey, Kevin Lunney and Dara O’Reilly, to remove his name from a company they did not join until 25 years after he formed it in 1973.
“That company was 25 years old when one of those guys got involved. What right they seem to have to change the name, but that is entirely up to them. They weren’t even around, ”he said.
“In any company, the first 20 to 25 years are important for a company. The first five years are important to the company. It’s hard to believe where they see the right to change the name of the company they weren’t even part of. “
The border-based industrial business, now owned by American hedge funds and a local consortium, has been named after its founder as Quinn Industrial Holdings since 2014.
Mannok will be renamed from the Irish for Fermanagh, Mr. Quinn’s home county where he started his business.
The company said the rebrand marked “the culmination of a five-year investment and transformation program” and will replace “QIH and a wide range of variations of it used by the company and other stakeholders.”
“The word Mannok comes from Fear Manach, the origin of Fermanagh, which means man / people of Manach. It reflects our enormous pride in our origins: our nearly 50-year heritage, our quality products and especially our people, ”the company said.
The company decided to change its name for commercial reasons due to association with the recent past when it was subjected to a years-long campaign of intimidation that culminated in a kidnapping and violent attack on Lunney a year ago.
The company’s rebrand will mean that the letter M replaces the Q on the company’s cement and construction materials trucks. There are also plans to remove the letter Q over the company’s Derrylin headquarters, Co Fermanagh, at some point.
The rebranding process began over the weekend with the arrival of six new trucks with their new livery. It was held in secret out of concerns about how locals loyal to Mr. Quinn might receive the changes.
Anglo Irish Bank Bet
The businessman declined to comment on how people in the Cavan-Fermanagh area might react to the name change.
Quinn lost control of his businesses in 2011 over a multi-billion euro bet on Anglo Irish Bank’s share price, which collapsed in the 2008-09 financial crisis.
Quinn Group, the holding company, was previously renamed Aventus by new management in 2013 before the Quinn name returned to the broader company with the establishment of Quinn Industrial Holdings under local management in 2014.
Quinn returned to QIH as a consultant, but left in 2016 amid mounting tensions between him and the management team, which included executives who previously ran the business for him.
The businessman has condemned the campaign of vandalism and intimidation against the company.
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