Londis incentive row may slow deal

A ROW over the division of the €57 million sale price for the Londis franchise store operation in Britain may delay the take over by food distributor Musgrave Group.

Shareholders in the company are furious that top executives could pocket as much as half of the €57m sale price agreed with the family-owned Musgrave Group which operates the SuperValu and Centra franchises in Ireland.

It has now emerged that top management at Londis will receive huge pay-outs from a share incentive scheme that will hand directors majority control of the company in the event of a takeover. The company defended the scheme as a "well-deserved reward".