The way has been cleared for the sale of the Jones Group's distribution and manufacturing operations to a management buyout group and its stake in Blugas to Bord na Mona and the Richmond Group.

Talks about a possible counter-offer from Jones Trust Investment, a US company controlled by a son of one of the founders of Jones Group have ended and an extraordinary general meeting of Jones shareholders will vote next Tuesday on the proposal to sell the group's remaining asset to the management group and Bord na Mona/Richmond.

Last month, Jones agreed to sell the oil distribution and manufacturing operations to the management buyout group for £10.4 million (€13.2 million) and the 63 per cent stake in LPG distributor Blugas to Bord na Mona and the Richmond Group for £1.65 million (€2.1 million).