SECRET talks between Advantage and Worldchoice to
create a “super consortium” broke down last Christmas over Worldchoice’s
Shareholder Value Scheme.
The discussions, codenamed Project Meridian, were at
an advanced stage when Advantage pulled out, blaming Worldchoice for
withholding information.
The talks remained a closely guarded secret until last
week, when Advantage president Roger Smith wrote to members revealing details.
Savings of around £1 million per year were predicted
as a result of the tie-up, which would have created a 1,600-strong retail
network.
Smith said he hoped the idea could be resurrected but
not while the Shareholder Value Scheme remained.
“If Worldchoice members don’t
like it, ours won’t,” he said.
Worldchoice chairman and managing director Colin Heal
denied his side were to blame.
“We disclosed plans for the
Shareholder Value Scheme and Advantage told us it had something similar in
mind. As soon as the full document had gone out to members, I handed it over
and talks continued. It wasn’t us who walked away.”