MR Leslie McCauley, the former chief executive and a founding shareholder of Norish, the loss making cold storage company, received compensation of £222,000 for loss of office. He resigned last September and a brief statement explained that he had decided to "stand down as chief executive after 20 years' service, with immediate effect". Mr McCauley was replaced by the chairman, Mr Brian Joyce, who took over as executive chairman.

Norish last week reported worse than expected losses of £6.85 million for 1995, mainly arising from exceptional restructuring costs of, £5.56 million following store writedowns, disposals and rationalisation costs associated with its decision to withdraw from the Irish cold store market.

Auditors KPMG, while not qualifying the accounts, draw share holders attention to potential banking problems. Under the terms of Norish's banking facilities, it is obliged to repay £2 million from fts term debt and £750,000 from its short term facility by the end of the year. Failure to make the payment would constitute a default, which, the auditors warn, would mean that banking facilities might be withdrawn.

However, Norish says it is confident that the Proceeds from disposals of Norish (Firfreeze) and Norish (Kilkenny), together with the proposed sale of its Castleblayney, Co Monaghan plant, will sort out the term loan and that operating cash flows will reduce its short term facility by the required amount.