Londis shopkeepers will have �30,000 to play with

Londis, whose shopkeepers own the firm through shares in its wholesale and distribution operation, is being sold to Budgens-owner Musgrave.

The deal sees Musgrave pay �60m, and four Londis bosses share a one-off �2m.

An earlier Musgrave offer fell through after shopkeeper fury that the four bosses would pocket �20m between them.

Then, back in December 2003, the shopkeepers were only being offered �10,139 each.

Shareholder value

The controversy resulted in the-then Londis chief executive Graham White standing down, although he stayed on at the company on a consultancy basis.

"We have weighed up all the relevant considerations carefully and have concluded unanimously that the new Musgrave proposal is in the best interests of our shareholders," said Londis vice chairman Peter McNamara.

The shopkeepers will get half they money now, and the remainder in a year's time.

Irish firm Musgrave is privately owned and has food distribution operations in Ireland, Spain, and the UK.

In the year to 31 December, it achieved a turnover of around �2.3bn and profits of �41m.

Support promise

Eoin McGettigan, executive chairman of Musgrave UK, said the company would provide "total support" to Londis retailers in allowing them to grow their stores.

He added: "Musgrave has a profound commitment to the independent grocery retail sector. Our 128-year heritage of working with independent retailers gives us a level of expertise and know-how which is unique in British retailing."

To go through, the takeover still requires the formal support of 75% or more of Londis shareholders.