AN agreement has been reached between QBRC Consortium, Endless LLP and Aventas Group for the potential acquisition of parts of Sean Quinn's former company.

The group of businessmen, including former Fisher Engineering managing director Ernie Fisher, have signed a Memorandum of Understanding with Aventas Group regarding the purchase of Quinn Packaging Limited and the Construction Industry Supply businesses in Derrylin and Ballyconnell.

A spokesman for Aventas Group said that while there is no certainty that a transaction will be concluded both parties have “entered a period of exclusive due diligence” and are “committed to completing the transaction late in the third quarter of 2014”.

Endless LLP is a UK based private equity investor.

Paul O'Brien, the chief executive of Aventas, said: “We are pleased to have reached an agreement in principle with QBRC and Endless LPP. We wish them every success and look forward now to focusing on our remaining business and realising further value for our investors.” Liam McCaffrey, former Quinn Group chief executive, said: “We are delighted to have reached an agreement with Aventas for the acquisition of the CIS and packaging businesses and are excited with the prospect of returning to these businesses that we have previously worked in and managed. We will work with Aventas to facilitate stability in the local community that will enable Aventas to achieve its corporate objectives.”