John Lewis faces criticism over plans to dilute mutual model

Shadow minister describes proposal as ‘very worrying’ while ex-PwC economist calls it ‘terribly short-sighted’

Plans by loss-making retailer John Lewis to end more than seven decades as a 100% employee-owned business have drawn criticism from an MP and supporters of its mutual ownership model.

Sharon White, who chairs the company behind the eponymous department store chain and Waitrose, believes the business could raise up to £2bn in new investment by diluting its mutual model, according to reports.