Musgrave, the food wholesale group, has ruled out going public within the next two years. The company, which is 100 per cent Irish owned, said there was "absolutely no basis" for speculation that it will list on the stock exchange.

In a statement yesterday, Musgrave chairman Mr Hugh Mackeown said such speculation was "harmful and could cause unnecessary concern among staff, retailers and suppliers. He said Musgrave's shares were safe from overseas interests "a situation we believe to be in the best interests of staff, retailers, suppliers and shareholders."

He said it was also equally important to stress that the distribution network servicing the sector will remain privately owned and Irish owned.

Musgrave was replying to a recent article in The Irish Times which mentioned Musgrave as one of the companies which may go public over the next couple of years.