Scottish Nisa members vote 'no'
Scottish members of wholesale and symbol group Nisa-Today have voted 'no' to the proposed merger with Costcutter.

At a Scottish regional meeting of the Nisa Members Association, more than 90 per cent rejected the board's proposals for a tie-up of the two companies.

Member Joe Giacopazzi of Milnathort said: 'This can only lead to further increased cost of goods placed on members, which will in turn have to be passed onto the consumer. This is not good news at a time when the independent sector is trying to compete with Tesco and others.'

This latest rejection by Nisa members follows a unanimous 'no' vote by more than 80 shareholders at a Midlands regional meeting.

Plans for the merger were first revealed in May. Both boards hoped that combining the resources of the individual companies would help all their independent retailers and wholesalers take on the supermarkets.

The combined enlarged business is expected to be valued at£200 million. Icelandic investment bank Kaupthing has provided financial backing for the deal.

A formal vote by Nisa-Today shareholders on the proposed merger is due to take place at the end of July.

Nisa-Today has a membership of about 700 independent wholesalers and retailers, each with an equal share in the business. Convenience store franchise group Costcutter has 1,400 branches across the country.