The Doyle Group has confirmed that it purchased the shareholding of Mr David Doyle, its former managing director. The figure was not disclosed, but it is thought to be in the region of £40 million (#50.7 million).

A spokeswoman would only say that the group had bought out Mr Doyle's shareholding. Mr Doyle previously resigned from the group four years ago and was negotiating a settlement, but this did not work out. He was later reinstated in the group.

This final settlement means the sale of the Doyle Group to Jurys can now proceed. Another brother, Mr Michael Doyle, sold his shareholding to the family some years ago, for a reported £24 million.

Jurys is negotiating to buy the Doyle Group in a deal said to be worth around £200 million (#254 million). It is offering the family a mixture of shares and cash for its 11 hotels. The remaining shareholders are Mrs Margaret Doyle and her three daughters Mrs Bernie Gallagher, Mrs Ann Roche, and Mrs Eileen Monahan. They are expected to end up with about 30 per cent of the enlarged group which would have a market capitalisation of around £400 million (#507.9 million).

Talks between the two sides began last September.

(# - Euro)