NCB Stockbrokers has come out in favour of the 50p a share offer for Fitzwilton from Stoneworth, the company controlled by Fitzwilton chairman, Dr Tony O'Reilly and his brother-in-law, Mr Peter Goulandris. NCB analyst, Mr Rory Gillen says that the offer is "full and fair" and adds: "We believe shareholders should count themselves fortunate that Dr O'Reilly and associates have provided such a clean exit opportunity."

The NCB analyst values Fitzwilton at 51.4p per share, when account is taken of its £82 million debt which is the equivalent of 30.7p per share. As well as the Waterford Wedgwood stake which he values at the price in the market, Mr Gillen values Fitzwilton's 50 per cent of the Safeway joint venture at £33.7 million and the values of its leases at £31.6 million. The 74 per cent stake in Rennicks is valued at £15 million.