ADM Londis converts to unlisted Plc status

ADM Londis has announced a major change in its corporate structure from a co-operative to an unlisted Plc following an overwhelming majority vote by its members.

The Plc initiative is a unique Londis proposition to retailers within the symbol group arena in Ireland.

Londis is now the only Irish symbol group where retailers can own the company through share holdings.

The main provisions for the new corporate structure shall be the name change to ADM Londis plc and the fact that retailers can buy shares in the company and realise the value in their shares at market price. ADM were advised on the process by KPMG Corporate Finance and Arthur Cox, Solicitors.

"ADM Londis is now in a unique position to offer substantial rewards to retailers while at the same time creating a healthier, more competitive environment through increasing sales and market share for the company," said Stephen O'Riordan, joint chief executive, ADM Londis.

"This recent development further strengthens our commitment to our retailers, demonstrating that we are no longer just another franchise. Together we will drive retailer turnover, margin and overall profitability for the benefit of all our owner members."

A Gala banquet was held on Saturday evening (2nd October) to announce The ADM Londis Store and Staff of the Year Awards and to celebrate the groups 50th Anniversary Year in retailing in Ireland. The Guest of Honour for the evening at the Berkeley Court Hotel was Tánaiste and newly appointed Minister for Health & Children, Mary Harney TD who presented the awards.

ADM Londis employs over 5,000 staff throughout its 330 stores nationwide and plans to open a further 15 stores before year-end, with the creation of 300 new jobs.