Disgruntled Londis shareholders opposing the group's controversial takeover are likely to be angered further, following details of new million pound payouts to four executives.
About 250 shareholders in the convenience store are urging fellow shop owners to vote down a takeover bid from Musgrave, which owns Budgens.
It has emerged that Londis's four executive chief directors split £7.1 million in compensation payments between them just weeks before agreeing a merger.
The same directors are already set to take home more than half the proceeds from Budgens takeover bid via a controversial options package as earlier reported.
Dilip Patel, who owns a Londis store in Bermondsey, London, has said he is not happy about the arrangements. “They are getting a very big slice of the payout,” he said.
Meanwhile, Londis has agreed to pay Musgrave £400,000, if Londis agrees a deal with a rival bidder. This was revealed as the board of Nisa-Today's the UK's largest buying group postponed plans to launch a bid for Londis.
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