EXCLUSIVE: Sean Quinn secures investors for Slieve Russell bid

Sean Quinn Snr has formally backed a bid by entrepreneur, Sean Gallagher, to purchase the Slieve Russell Hotel in Ballyconnell, which is on the market with a price tag of €35M.

Mr Quinn exclusively confirmed to this newspaper yesterday (Tuesday) that he had personally secured “agreement in principle” from “a number of cash-rich individuals” to support the Ballyhaise man’s bid for the four-star hotel - once the jewel in the crown of Sean Quinn’s business empire.

However, he says two of these potential investors have withdrawn their support amid concerns for bookings at the hotel and sufficient ongoing capital investment at the facility.

Dublin based CBRE Property Agents is handling the sale on behalf of the liquidators of IBRC, Kieran Wallace and Eamonn Richardson of Interpath.

It’s understood that Mr Gallagher from Ballyhaise entered his bid via Savills. Others previously linked to the sale include MMA super star, the Notorious Conor McGregor.

But, in a statement from former billionaire Sean Quinn to the Celt, he says the local bid has been rejected.

“It is strange that the local bid is the only one that has been thrown out, and didn’t get a second opportunity to bid, and I would ask for that decision to be reversed, as I have no doubt but that customers would have returned in their droves if the hotel was locally owned and would become very successful very quickly.

“I would like to thank Sean [Gallagher] and all those who helped financially or in any other way, and a particular word of thanks to the tens of thousands who feel that the hotel should have gone back to where it belongs,” Mr Quinn said in a statement to this newspaper.

In a statement to members, hotel management previously noted that, with the support of the Board of Directors, they had reinvested “significant funds” into refurbishing and renovating the hotel’s 180 plus bedrooms, public areas, conference and banqueting suites, and the Summit Restaurant and Golf Clubhouse.

“During recent years we have performed ahead of all expectations, and following this investment, we are expecting the business to thrive and grow from strength to strength over the next number of years.”

The statement concludes that while the “much anticipated” sale process takes place that it remains: “very much business as usual” at the hotel, now a 224-bed hotel with an 18-hole golf course, 65-foot pool and spa.

IBRC assumed control of the Slieve Russell Hotel in 2011 following the collapse of the Quinn empire, which included glass, quarrying, insurance and hospitality.

Both CBRE Property Agents and Sean Gallagher were contacted for comment but had not yet responded at the time of going to print.