UK wholesaler Londis has firmly rejected the current offer for the company made by Lancelot, a takeover vehicle backed by former executives of T&S Stores.

The Londis board said that as yet it has not received what it would regard as a "satisfactory response" from Lancelot.

"As a financial bidder, Lancelot has neither a platform nor any track record in delivered wholesaling to the independent retail sector," said Peter McNamara, vice chairman of Londis. "Their proposal fails to address any of the key criteria which Londis retailers have identified that they need to go forward: enhancing buying power, widening the range; and improving the supply chain."

McNamara said Lancelot's offer left some of the value of retailers' shares undetermined, with no guarantee as to their future value or the ease with which that value can be realised.

"We have, therefore, made it clear to Lancelot that their current proposal will not be considered further," he said, adding that the board continues to recommend the offer by Ireland's Musgrave.