The directors of the Irish Small and Medium Enterprises (ISME) lobby group and Mr Frank Mulcahy have said that an amicable settlement of his Employment Appeals Tribunal claim has been negotiated. "Both parties regret the recrimination and hurt caused during the past year and are now looking forward to returning to the business of representing ISME's interests," the small firms organisation said in a statement.

Mr Mulcahy, who plans to pursue other business interests, has agreed to act as a consultant to the organisation, it added.