Musgrave's €94 million buyout of store chain nets British grocers

NEARLY 2,000 shopkeepers in Britain's Londis convenience store chain were yesterday looking forward to a €47,000 payout after they voted overwhelmingly in favour of a €94 million takeover.

More than 97% of shareholders approved the offer by Musgrave, at an extraordinary general meeting in Birmingham.

The move will see Musgrave take over Londis's wholesale and distribution arm, in which the shopkeepers are currently shareholders. Musgrave group managing director Seamus Scally told the meeting: "All I can do is pledge that we will return that support in the coming years".