The five remaining ESB electrical retail stores are to close this Friday, the company has confirmed.

Friday will mark ESB's exit from electrical retailing after more than 70 years. The company announced in March that ESB and Bank of Scotland (Ireland) had agreed in principle to the sale of the retail network.

The 54 shops which comprised ESB's retail outlets began closing on a phased basis on September 2nd. Bank of Scotland (Ireland) also purchased the ESB retail loan book for customers who had loan agreements for the purchase of electrical goods.

The ESB decided to exit the retailing business because its market share was shrinking and large discount stores were eating into its profits.

For example, its retail market share in Ireland fell from 24 per cent in 1985 to 6 per cent in recent months. ESB originally operated over 100 shops and has gradually scaled that figure down.

"ESB retail is a low margin business which was competing in an increasingly crowded market place, with more than 1,100 locations nationally selling electrical goods. The closure process involved extensive negotiations with staff unions to ensure the sale and staff transfer operated smoothly," said a spokesman yesterday.

Under the sale agreement Bank of Scotland will also process ESB bill payments in its network of bank outlets. ESB customers can also pay their bills through a number of other outlets including An Post and in excess of 300 paypoint outlets.

The 421 staff employed in ESB retail have all been accommodated through the sale. All direct hire retail staff (approximately half) have either taken up a job offer with Bank of Scotland (Ireland) or found alternative employment elsewhere. The majority of the remaining ESB staff have redeployed within the company, while a small number have accepted the offer of employment with Bank of Scotland (Ireland). The shops closing this week are in Waterford, Blanchardstown, Mullingar, Rathfarnham and Stillorgan.