One of Londis' most recent signings has gone into administration, blaming high rents, the minimum wage and heavy competition for sending it over the edge. Predators from Plymouth to Cheshire will be looking to pick up stores from Leda, a 34-strong independent CTN chain. Leda announced plans to transform itself into a convenience store operator under the Londis banner in June after encouraging results from a converted store in Biggin Hill. However, progress has been slow, with lack of funds holding back the conversion process. Joint administrator Andrew Stoneman at Menzies Corporate Restructuring said he was confident of selling the business as a going concern. , ideally to a single operator, who could then sell off stores that didn't fit into its estate. "This is a unique opportunity for a c-store multiple to boost its portfolio in one move. This is a very underdeveloped group." Although some of the stores are small, a good proportion of the estate is suitable for conversion into a more profitable convenience store format, he added. "We are already talking to a number of parties interested in buying the business as a whole," Stoneman said. {{NEWS }}