Franchising is continuing to boom, according to the latest survey from Bank of Ireland. The survey, conducted by businesses now account for 7,453 jobs, while turnover is estimated at £313 million in this year.

Mr Sean McGarry said the performance of Irish-owned franchises had continued to improve. "Companies such as O'Brien's Sandwich Bars, Supermacs, and Abrakebabra have grown significantly since 1995," he said. However, Irish groups make up just 12 per cent of the total franchises in operation here.