ESB shops to be sold to Bank of Scotland in €120m deal

More than 400 jobs are hanging in the balance today following an ESB decision to sell its chain of 54 shops to the Bank of Scotland.

The company said the bank was planning to change the shops into bank branches as part of the €120m takeover deal.

It also said the workers would be offered new jobs with Bank of Scotland, but it is unclear whether this offer will be taken up.

The ESB shops have been operating at a loss for some time now and will close by the end of the year.

Announcing the move today, ESB chief executive Padraig McManus said the decision was made due to increasing competition.

"This deal, I believe, provides the best solution for ESB," he said.

Meanwhile, the ESB Officers' Association has said it wants to hold talks with management before deciding whether the deal is a good or a bad thing.

The association's general secretary, Tony Dunne, said: "At the moment, we don't have all of the information as to what's going to happen to various people if they deal goes through."