Clerys, the privately-owned, Dublin-based department store, has rejected a second management buy-out (MBO) offer made by a general manager, Mr Tom Rea, following months of speculation about the future of the company. Mr Denis Ryan, chief executive of the company, said yesterday that a majority of the shareholders had rejected the two offers made. The second offer of between £22 million and £25 million was made in early June, following the rejection of the first one of £19 million, made last November.

Mr Ryan said consideration of the MBO offers had not been a matter for the board but for the shareholders. "Not a sufficient number of shareholders accepted the offer and therefore it lapsed," he said.

The Clerys shareholders include Mrs Mary Guiney, the 98-year-old wife of the founder, whose trust holds a majority stake in the company.

Mr Tom Rea said last night that with the rejection of the offers, it was the end of the matter for him. He said the provisional funding had been raised with venture capital and Irish banks. Mr Rea has been on paid leave-of-absence since the original offer was made.