New management grappling to rescue Highbury House, the troubled specialist publisher, were involved in an acrimonious confrontation with the firm's former managing director and founder at the annual general meeting yesterday. It was the first time Kevin Harrington, who built up the business under the name Harrington Kilbride as a 17-year- old, had come face to face with the board since he resigned last year. Mr Harrington still owns 12 per cent of the shares after a life-or-death refinancing last September by the new chief executive, Ian Fletcher. Waving a copy of the Cadbury code on corporate governance, Mr Harrington accused the board of conflicts of interest stemming from a magazine contract Highbury had secured with Mr Fletcher's private business empire. We consider the existing price controls totally inappropriate. If they disagree, we must refer them to the MMC."Mr Coulthard insisted that the new price cap would still allow sufficient cash to enable the company to increase dividends by more than inflation.Dr Patrick Haren, the chief executive of NIE, said that investment would have to fall by about pounds 70m a year, which could damage customer service. Last year NIE profits surged by 23 per cent to pounds 107m, compared with pounds 75m between 1993 and 1994, the first year for the company on the stock market.Charles Coulthard, the deputy director general of Offer (NI) said: "They can either say `no' and it will be the MMC, or `yes', in which case we get on with the price controls. NIE argues that it is being unfairly penalised, given that 60 per cent of household bills go to pay four, privately-run generators.

Offer (NI) has already threatened to take thegenerators to the MMC.The regulator argued that the current price-cap, which allows bills to rise by inflation plus 3.5 per cent, was too generous. In addition, prices could rise by no more than inflation minus 2 per cent. The formula translates into a cut of pounds 40 off bills of pounds 330, in Northern Ireland The average bill in England and Wales is pounds 270. The five-year price-cap proposed by the regulator, Offer (NI), would slash Northern Ireland Electricity's income from the core electricity transmission, distribution and supply business by 30 per cent from next April, reducing revenues by more than pounds 60m. A much tougher than expected price regime for Northern Ireland Electricity was unveiled by the regulator yesterday, promising a pounds 40 cut in bills for consumers, but sending the share price plunging by 13 per cent The shares dropped 53p to 353p. And the company will face an investigation by the Mon-opolies and Mergers Commission (MMC) unless it agrees to the price formula by the end of this month. In May it called in new management led by executive chairman Sir Brian Wolfson. They cut costs which included some shop closures and redundancies..

In the past few months both Escom and Powerstore have also called in the receivers.Colorvision has been in dire straits since the OFT issued its "minded to revoke" notice. The announcement that it had called in Arthur Andersen as administrative receivers followed soon afterwards. The board said it had taken the decision "in view of the company's current and anticipated trading levels together with its worsening cash flow position".Colorvision is the latest in a long line of electrical retailers to be laid low by the cut-throat market. The company blamed poor trading and the effects of the Office of Fair Trading decision last May that it was "minded to revoke" Colorvision's credit licences following customers' complaints. Colorvision has debts of pounds 1.5m and was expected to record a loss including exceptional items of pounds 4m this year compared with a pounds 1m profit in 1995.Colorvision shares were suspended yesterday afternoon pending clarification of the company's financial position. Colorvision, the troubled Liverpool-based television and video retailer whose management slogan was "izzy whizzy let's get busy", collapsed into receivership yesterday threatening 74 shops and 800 jobs. Going forward it will need to concentrate more on building higher-margin brands like its successful Clover spread and its young but growing Frijj range of milk drinks, while reducing its dependency on commodity items such as liquid milk.The company's operating profits of pounds 35.2m last year on sales of pounds 740m show there is plenty of scope for more margin improvement to come Good value.. They are on a price/earnings ratio of eight, while rivals Unigate and Northern Foods both trade on 11 with a less attractive yield.