The rebel Nisa shareholders responsible for blocking last year's private equity funded-merger between Nisa-Today's and Costcutter have finally disbanded.
In a statement to members this week the group declared its backing for the current board under the leadership of chief executive Neil Turton. "Now is a suitable moment for the NMA to trust the executive to achieve set targets and deliver promises," it said.
"The NMA committee can now proudly stand down, having achieved its objectives, knowing last year's demonstration of shareholder power will be remembered for many years."
The NMA truce was welcomed by both the board of the buying group and other Nisa members. "This decision is in the best long-term interests of the group and its members," said Nisa-Today's non-executive chairman Raj Chatha."It is great to see support for the management and we can all now work together in a unified way."
Harry Tuffins MD Paul Delves said he was glad to see the NMA had disbanded, but was disappointed that in the latest statement it had claimed credit for improvements in the Nisa-Today's business. "These are mainly down to the management, board, staff, and proactive members who have reacted very positively since the derailed merger proposals," he claimed.
"I look forward to Nisa going from strength to strength and hope Mark Proudfoot and Ian Hunt can now use their energy positively to achieve this end."
The NMA challenged Turton, who is putting together a new business plan, to include ambitious customer recruitment targets, maintain a low-cost supply chain, cut overheads and encourage all members to make use of central distribution.