A group of Oxfordshire shopkeepers are set to receive a £30,000 cash windfall if their business is taken over.

A £60m deal has been lined up to sell the Londis convenience store chain to Musgrave, owner of rival operator Budgens.

Now the Londis shopkeepers who hold shares in the wholesaling and distribution operation have to vote on whether to give it the green light. Rakhman Khan, owner of the Londis store in Cowley Road, Oxford, said: "This is definitely good news - it has put a smile on my face!

"This should give the group much better buying power."

Londis has about 14 stores across Oxfordshire with shopkeepers receiving an initial £15,633 and an identical sum the following year under the terms of the agreement.

The proposal comes five months after a previous £40m offer from Musgrave stalled when it emerged four Londis executives stood to net £20m because of a clause in their bonus scheme.

The bidding process subsequently restarted, with the directors agreeing to a one-off payment of £2m.

The new deal means the share of the sale proceeds for almost 2,000 shopkeepers will rise from £10,139 previously to £31,266 under the agreement.

Londis said the offer from the Ireland-based firm had not been the highest on the table but that future trading arrangements with Musgrave would provide the best option for shopkeepers in the running of their businesses.

The proposed sale will now be put before shareholders at an extraordinary general meeting.

Eoin McGettigan, executive chairman of Musgrave UK, said the company would provide "total support" to retailers in allowing them to expand their stores.

He added: "Musgrave has a profound commitment to the independent grocery retail sector.

"Our 128-year heritage of working with independent retailers gives us a level of expertise and know-how which is unique in British retailing."