Londis retailers hear of review
British retailers angry at a potential £20m (€28.3m) payout to four directors of store chain Londis were told the controversial scheme was under review.
Londis chairman Peter Williams faced up to criticism at the retail co-operative’s annual meeting by pledging to find a way of giving shopkeeper members a greater slice of proceeds from any takeover of the group.
Under existing plans, directors including chief executive Graham White would be entitled to 51% of the group’s value if it was bought. This would have netted £20m (€28.3m) if an aborted takeover by Musgrave had gone through.
