WHILE Aer Rianta is wrestling with its options for income substitution due to EU duty free legislation, troubled cold storage company Norish has already felt the chill of Brussels policy makers. The effective dismantling of the intervention culture on which its business grew fat in the good old, bad old days has forced the company to undergo a costly strategic overhaul. In the shortterm, at least, the financial temperature at Norish is about as chilly as one of its freezer cabinets.

Last week the company announced a massive £6.8 million loss in its last financial year. That was bad enough without auditors KPMG pointing out to shareholders that the company must repay close on £3 million to the banks. Failure to do so would mean that its banking facilities might be withdrawn.

A less significant drain on scarce cash resources will be the £222,000 the company paid Leslie McCauley, its former chief executive and founding shareholder, as compensation for loss of office. He resigned last September after 20 years' service to be replaced by Brian Joyce who took over the reins under the label of executive chairman.