The grocery chain ADM Londis has adopted a new business plan involving a fresh management team, expansion of the group and developing new shops, the 140-strong co-op said last night.

The statement confirms that members rejected a bid to buy the company from Belfast-based Henderson's and appears to rule out for the immediate future proposals to form joint venture with other grocery chains.

The company said that, as an Irish-owned group, it was committed to supporting Irish food and drink suppliers.

The new management team is likely to be lead by Mr Michael Irwin, who has been working as a consultant to the company in recent months. Mr Irwin, the former financial controller of Dunnes Stores, also has interests Cosmoline, a smaller chain of groceries in the west of Ireland.