The Londis board has recommended that the symbol group be put up for sale three months after Irish food group Musgrave’s controversial £40m offer sparked a bidding frenzy for the convenience chain.

Londis said that following a strategic review of the group by KPMG, it would be in the best interests of all its shareholders to take “advantage of its current position of strength in a fast polarising market”.

The board noted that the right way forward would be to explore an outright sale of Londis “on terms acceptable to its shareholders and which safeguard (as a minimum) or enhance their current terms of trade and levels of service”.

After Musgrave’s initial offer on December 9 - whereby four Londis directors would have shared £20.4m in contrast to £10,344 for Londis shopkeepers - Londis members said they needed independent guidance in order to decide on the best option.

KPMG is to try and broker a deal with those interested companies who were asked to make indicative bids Londis by the end of last week.

See this week’s issue of The Grocer - out Saturday - for more news and reaction.