Shareholders in Londis, the convenience chain have launched an attempt to delay a deal that would see the company's director take half the proceeds from a £40 million takeover bid.
The four directors of the company ñ chief executive Graham White, company secretary Andrew Wallace, sales director Terry Bedford and commercial director Denise Butler stand to share £20m if the company is bought by Musgrave, the Irish retailer who owns Budgens.
Londis is owned by 1,956 individual store owners who share a common purchasing, marketing and distribution network. Each owner holds one share in the company and based on Musgrave's offer price is set to receive about £20,000. That payout will drop to £10,000 each if the directors exercise their options to take a 51 per cent stake in the company.
One shareholder said: “I think it is wrong that the people who have supported Londis for years and invested in the business will get peanuts, while the management will walk out away with millions.”
However, a Londis spokesman said that the directors were being justly and deservedly rewarded.
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