Londis retailers have voted overwhelmingly in favour of selling the convenience store chain to Musgrave.

At an extraordinary general meeting, 97.4 per cent of shareholders voted for Musgrave’s £60 million, which will give each retailer a windfall of more than £31,000. Of the 1,626 votes cast, 1,583 were in favour with just 43 against.

Under the deal, Londis shopkeepers will continue to own their stores but Musgrave, which already runs the Budgens group, will take control of its distribution network. Shopowners hope to being part of a larger group will increase Londis’s purchasing power, and help it to compete with rivals such as Tesco, which has moved into the convenience store sector with its metro shops.

Peter McNamara, the acting chief executive of Londis, said: “The shareholders have chosen Musgrave as the partner to provide the extra buying power and financial strength needed to succeed in an increasingly competitive market.”

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