Go to a business drinks party now and you may see former John Lewis Partnership managers gossiping about the retail mutual’s declining fortunes. “We get into a huddle and have our hands over our mouths,” said one.
Last weekend, they gained explosive new material. The Sunday Times revealed that after three years of losses and with its cash pile shrinking, the partnership’s chairwoman, Dame Sharon White, was considering a radical plan to raise up to £2 billion from outside investors by selling a minority stake. That would involve partially demutualising and diluting the staff’s 100 per cent ownership — a seminal move that would alter the structure codified in a trust by the founder’s son, John Spedan Lewis, in 1950.
The news prompted amazement from
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2023-03-25 18:00:00Z
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