SHAREHOLDERS in the troubled Norish group have approved the sale of two of its remaining Irish properties, at an extraordinary general meeting in Dublin.

The cold store company is withdrawing from the Irish market after losing £6.8 million last year.

Its only other Irish unit - in Castleblayney, Co Monaghan - should be sold within the next six months.

One disgruntled shareholder, who declined to give his name, said he was "amazed at how the board seemed to have got it so wrong" in the Irish market.

The executive chairman of Norish, Mr Brian Joyce, said there was still capacity for 260,000 tons but a demand for only half of that. There was less rationalisation by other companies than Norish had expected.

"I'm sorry the market is bad, but I didn't make the market," he told the meeting.

"I realise that my criticism is your inability to read the market," the shareholder said.

Speaking after the meeting, Mr Joyce said that there was a viable business in Britain, and he was "reasonably confident" of being in the black for this year.

Norish plans to concentrate on its four British units, while the income from the disposals is to be used to reduce borrowings.

Norish (Eirfreeze) in Dublin is being sold for £2.5 million to Gildale but an intercompany loan of £1.4 million is to be repaid.

Gildale is a new investment company but its shareholders have not been disclosed.

Norish is also selling 60 per cent of Norish (Kilkenny) to Avonmore for £100,000 but the benefit to the company will be £870,000 after the payment of a dividend.

Avonmore now takes full control of the Kilkenny facility.