Somerfield duos takeover deal

18 August 2000

Somerfield duos takeover deal

By FWi staff

NEW bosses of struggling supermarket chain Somerfield will pocket two years pay if it is taken over during their first 12 months, reports the Daily Mail.

Chairman John von Spreckelsen will receive 1m and chief executive Alan Smith 800,000.

The newspaper says this looks highly possible as shares have crashed from 224p last year to 75p and the group lost 14.5m in the 12 months to April.

Mr von Spreckelsen received 288,000 to cover benefits when he moved from rivals Budgen, and Mr Smith collected 310,000, according to latest accounts.

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