The acquisitive Quinn Group has bought the De Vere Belfry golf course for €270 million, it emerged today.
Mr Liam McCaffrey, chief executive of Mr Sean Quinn's Cavan and Fermanagh-based group, said the deal for the golf course, 324-bedroom hotel and leisure complex near Birmingham, was part of its extensive expansion plans in Britain.
"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," he said.
The De Vere Group will continue to manage the facilities. Mr Quinn's group, which he has been building for more than three decades, recorded a turnover of €593 million, with pre-tax profits of €164 million in 2003.
De Vere will continue to manage the site as part of a 25-year contract with Quinn. The Belfry, which is 11 miles from Birmingham, has hosted the Ryder Cup on four occasions, including the European victories in 1985 and 2002.
The Quinn Group, which owns the Slieve Russell Hotel and leisure complex in Co Cavan, also has business interests including hotels, pubs and a fitness centre in Ireland, Britain and the Czech Republic.
The group's UK businesses include a branch of Quinn Direct Insurance, which has opened offices in Salford Quays in Manchester. Quinn Glass is also constructing a new modern manufacturing and bottling plant near Chester and the group is also expanding its radiator, plastic and building products businesses.