The chief executive of Londis in Britain has agreed to step down after he and three colleagues dropped their rights to a controversial bonus scheme that would have handed them 51% of the company, following a merger with Cork-based Musgrave.

British retailers angry at a potential £20m (€28.3m) payout to four directors of store chain Londis were told the controversial scheme was under review.

CASH & carry group Musgrave said it is still interested in acquiring the Londis operation in Britain.

British retail operation Londis has ordered an independent strategic review as it seeks to end uncertainty over its future, it was reported today.

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.