The Quinn Group has bought the world famous Belfry golf course and hotel and leisure complex in Birmingham for £186m sterling from the De Vere Group.
As part of the deal, the De Vere Group will continue to manage the facilities on behalf of the Quinn Group.
The Belfry last hosted the Ryder Cup - a clash of the best golfers in Europe and the US - in 2002. It is regarded by some as the home of the European team. Its courses include the world famous Brabazon.
The company was mentioned in connection with the possible sale of the Wentworth Golf Club near London last year but its ¦170m bid for one of the UK's best known courses was unsuccessful.
The Quinn Group's business activities include the production of cement and concrete products, container glass for the food and drinks industries. Through Quinn Direct, it provides motor, household and general insurance products to the Irish and UK markets.
The Group also has an extensive property portfolio including hotels, pubs and fitness centres in Ireland, the UK and the Czech Republic.
In 2003, the Group recorded a turnover of ¦593m, with pre-tax profits of ¦164m. It is forecasting turnover of ¦1 billion and pre-tax profits of ¦220m for 2004.
The chief executive of the Quinn Group, Liam McCaffrey said the acquisition of the Belfry represented an exciting new phase in the group's UK expansion plans.
'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 price is 47% over the Belfry's book value and is over 15 times its historic earnings before interest, tax, depreciation and amortisation.
