A GROUP of businessmen, including former Quinn Group chief executive Liam McCaffrey, will take over parts of the Aventas Group at the end of the month, it has been announced.

The sale of the company formally owned by bankrupt businessman Sean Quinn to QBRC, a local consortium, is nearing completion following a series of “intensive discussions”.

In a joint statement, QBRC and Aventas explained that all outstanding commercial items have been agreed and the drafting of the final legal documentation will be completed soon.

The deal would include the construction industry supply (CIS) and packaging businesses, as well as the on-going sale process in relation to the Encirc glass business.

“The CIS and packaging businesses have significant potential for further growth given their strong asset base and their position in growing markets,” said the statement.

Both companies believe the sale “will drive forward a new era of growth and success for the businesses providing a significant economic benefit, especially to the local areas”.

The statement added: “All parties will work to have the documentation executed to facilitate the QBRC management team taking over the running of the businesses from the weekend of November 29."