Somerfield is among the potential bidders for Londis

Somerfield is among the potential bidders for Londis

The Co-operative Group, Somerfield and Bestway have all entered the race to acquire Londis.

The three companies join the Big Food Group and Musgrave who have both expressed strong interest in the company. It is also thought at least one private individual already associated with Londis is considering bidding.

KPMG who was appointed at the end of last year to advise the board on its options after shareholders' objections forced it to withdraw it recommendation of the Musgrave £40.2 million bid.

Stephen Barrett, global head of KPMG corporate finance, refused to confirm the identities of any of the bidders. He is expected to have met all the key participants before the end of next week.

Barrett has stressed he will review all the group's options, which could include a flotation, a sale, joint ventures and alliances.

Barrett's mandate also includes trying to bolster the board with new non-executive directors, after the current non-executive directors have been accused by shareholders of failing to protect their interests. He said: “I think we want to identify the individuals to strengthen the board, pretty quickly ñ within the next few weeks.”

Topics