Londis brings in new blood

CONVENIENCE store chain Londis has appointed five new directors, in an attempt to prove to shareholders that it won't sell the company on the cheap.

Four Londis shopkeepers - Rick Bailey, Rodney Braxton, Mike Howe and Ramesh Shingadia - join the board as independent directors.

Banking heavy hitter Peter McNamara, formerly managing director of Alliance & Leicester, becomes vice chairman.

Shareholders may wonder why the new directors are joining on a 12-month contract - since the company could be sold within a few months.

Adviser KPMG says the four shopkeepers will earn only £5,150 a year, while McNamara's pay will be 'at an appropriate level'.

KPMG has seen a 'very pleasing level of interest' from potential bidders. It hopes to have decided on 'the pros and cons' of various offers by the end of February.