Hampden Group, the franchise company for Texas Homebase, Kwik-Fit and Reid Furniture, plans to open four new stores in the Republic and is interested in a significant retail acquisition.

According to chief executive, Mr David Russell, the major focus of the company's expansion plans are now in the Republic, where it currently has five stores, compared to 32 in Northern Ireland.

Mr Russell says the new stores will be in Dublin, Cork, Limerick and Galway.

He said developers had lodged planning applications for sites for new Hampden stores, although he would not say in which cities.

The company is presently looking at introducing some additional brands, although they will be in the broad area of DIY and home improvement.

The company's plan for an acquisition centres around either a "few large stores or a chain of smaller stores", said Mr Russell.