Budgens owner Musgrave is thought to be in the running for Londis

Many of the firm's shareholders are furious at the firm's four executive directors, after it emerged they will net 51% of the proceeds of a takeover.

The chain's shareholders - at least 1,900 of its 2,200 storekeepers - are accusing the executives of greed.

No official bid has been tabled for the group, but Musgrave and Big Food Group are among those circling the firm.

Raj Chandegra, acting chairman of the Londis shareholder group, said: "We as retailers have invested heavily in our business and we expect a return for that investment.

"They (the directors) haven't really put money into the Londis group, the only thing they have given is their expertise and they have been paid quite substantial salaries.

He added: "We understand that they should receive some kind of reward for all the hard work but the level of 51% is absurd."

'Substantial offer'

Mr Chandegra also said he expected around half of the firm's shareholders to reject such a large windfall for the executives at the meeting.

However, he did add that any offer as long as it was "substantial enough" would be backed by the chain's storekeepers.

Before Christmas, the Londis board was forced to withdraw its support for a �40m bid from Irish food group and Budgens owners Musgrave.

That followed the revelation that four executives would pocket �21m of the total proceeds of the sale.

Meanwhile, Iceland owner Big Food Group unveiled a proposal on 18 December that would give the 1,956 independent shop owners who own Londis a greater payout.

Bidders circling

This move led to Londis withdrawing its recommendation of the Musgrave bid and pledging to open its books to would-be suitors to ensure it obtained "the best offer available".

Nisa Today's, which is a buying group for independent retail and wholesale companies, is known to be considering its options.

A report in the Financial Times said that KPMG - which has been appointed to oversee the sale - is in contact with nine parties that have either expressed an interest in the group or are likely to do so.

These include Big Food Group, Booker cash-and-carry; Nisa-Today's - which supplies the Costcutter chain; and Musgrave.

Reports in the Daily Mail suggest Somerfield and the Co-op could also be interested.