The Londis sale saga has continued this month with news of a rival bid from a management team led by former executives from convenience chain T&S Stores (acquired two years ago by Tesco).

The newly formed consortium, named Lancelot, and backed by Icelandic bank Kaupthing, is offering to take a minority stake in the Londis business of 40 per cent, leaving the majority ownership with the retailers, in a move aimed at giving them the “best of both worlds”.

The bid comes just as Londis retailers received the official papers to cast their vote on the much-publicised Musgrave offer recommended by Londis’ financial advisers KPMG.

At the same time the Big Food Group has decided “not to pursue the acquisition of Londis at this time”.