The company, which is run by former directors of the convenience chain T&S stores, will offer Londis shareholders £12,400 in cash, coupled with a 60 per cent stake in the business.
The bid’s total values would be £60m, the same as offer from Musgrave, the Irish wholesaler that owns the Budgens chain. Londis shopkeepers are expected to vote on Musgrave’s offer at an extraordinary meeting on June 22, which would give each shopkeeper £31,000.
A Londis spokesman said: “As a financially driven offer, it (Lancelot) has nothing to offer Londis shareholders and is unlikely tot be recommended by the board.”
Geoff Purdy, who is leading the Lancelot bid, said: “In theory, the Londis board is listening to all proposals but they actually want a trade sale.”
Purdy also complained that his team had not been given access to financial information by Londis’s board.
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