In response to yesterday's story in The Irish Times, "McLoughlin says he will go after demerger of Crean", James Crean has stated that its chief executive, Mr Ray McLoughlin, has no plans to retire from the group.

"Under the terms of his contract with the group, Mr McLoughlin is required to give the board two years' notice of his intention to retire. No such notice has been received nor is it expected," the company stated.

At Wednesday's a.g.m., Mr McLoughlin said: "I have been wanting to retire for some years and I have just stayed here to try and complete this restructuring process."