The Londis saga has taken a new twist with reports that chief executive, Graham White, has agreed to step down.

Earlier this month, Londis put itself up for sale three months after Irish food group Musgrave’s controversial £40m offer sparked a bidding frenzy for the convenience chain.

After Musgrave’s initial offer - 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.

The Times reported that White and three other directors have dropped their rights to a controversial bonus scheme that would have handed them 51% of the company, worth £20m.

The paper said that White; Andrew Wallace, the finance director; Terry Bedford, sales director; and Denise Buller, commercial director, would receive a total of £2m in compensation for dropping their rights to the £20m windfall.

Following a strategic review of the symbol group, KPMG is to try and broker a deal with those interested companies who were asked to make indicative bids for Londis.

The paper added that the four directors would now work for Londis on a consultancy basis, a deal negotiated by non-executive directors at Londis.