Following a motion passed at the company’s annual AGM on December 22, any retailer with more than a 2% share in the food and grocery market will be not allowed to hold shares in Nisa-Today’s.
While the announcement means that Sainsbury’s, which became a shareholder in the company through its acquisitions of the Bells, Jacksons and Beaumonts c-store chains, will have to give up its shares, it will still see Nisa-Today’s honour existing supply contracts to these outlets.
It also means that the group’s composition will be protected should any member sell out to the multiples in the future.
Leo Gillen, who runs eight Nisa stores in the North East, backed the decision. He said: “While it would be beneficial to have the trading power of a multiple in the group, allowing them to have a vote against the independent body would not be right. This move is a sensible one.”