Londis rebels say heads must roll

REBEL Londis shopkeepers outraged at a takeover plan that would have netted four managers £20m have demanded the resignation of the company's non-executives.

At a weekend meeting in north east London, 65 store owners called for Londis chairman Peter Williams to be replaced by protestor Adrian Costain. They also set up an action group, chaired by another rebel, Kishor Patel.

Under the £40m takeover offer by Irish food group Musgrave, £20m would have been shared between four Londis executive directors, including chief executive Graham White. The rest would have been split between Londis's 2,000 store owners.

The shopkeepers accused the four non-executives of failing to look after their interests.

Musgrave has withdrawn its offer because Londis has opened its books to other companies - including Iceland owner Big Food Group which is planning a £40.3m counterbid.