John Lewis may find that cuddly co-investors don’t exist | Nils Pratley

Sharon White, chair of the partnership, is fishing in an extremely small pool if investors must be like-minded Would the world fall apart if the John Lewis Partnership were not 100% owned by its staff? Would the shoppers revolt if an outside investor – say a sovereign wealth fund or benevolent pension fund – were to acquire a 25% stake, as suggested by the tentative plan emerging from the boardroom? Actually, the answer is probably no on both counts. A few Waitrose and John Lewis shoppers might cut up their loyalty cards in disgust if their cornflakes and kitchenware came without a full helping of mutuality, but one suspects they would be a tiny minority. Continue reading...
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