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Ferris claims that Superquinn workers are victims of property speculators

6 January, 2011 - by Martin Ferris TD

The Sinn Féin Spokesperson on Workers Rights has claimed that the 110 Superquinn workers at its Naas outlet are the victims of property speculation. Superquinn was acquired from the Quinn family in 2005 by Select Retail Holdings whose major share holders included property developers Bernard McNamara, Jerry O’Reilly and David Courtney. All three have been part of multi billion Euro property failures.

Deputy Ferris said:

“It is a shame that yet more jobs are going to be lost as a consequence of the reckless behaviour of a small number of failed property speculators.

“In 2007 Superquinn’s current owners, Select Retail Holdings, made €142 million by selling sites, including the one at Naas, to Friends First. They said that the funds would be invested in expansion. Since then there have been shop closures and lay offs.

“Now apparently the group have been in negotiations with NAMA to acquire a lease on the currently empty Naas shopping centre which is on NAMA’s books. The irony ought not be lost on people.

“It is a shame that the jobs and lives of so many people have fallen victim to the greed and incompetence of a small number of reckless gamblers who put the prospect of short term speculative profits ahead of real jobs, and indeed the economy as a whole.” ENDS

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