Big Food Group has backed down from its bid for Londis after finally gaining access to the symbol group’s financial accounts.

BFG had been pressing to see the figures for some time, but the information was only supplied last week, once Irish wholesaler Musgrave’s offer had been formally tabled.

In a statement, BFG said the data raised questions about the company’s profitability and financial status.

BFG said the accounts seemed to undervalue Londis. It also pointed to the significant numbers of shareholders who oppose any form of takeover.

However, BFG said it remained interested in furthering its trading relationship with the symbol group if the Musgrave bid failed.

Lancelot, the vehicle launched by former T&S Stores buying and marketing director Geoff Purdy, has remained undeterred by BFG’s misgivings.