John Lewis may find that cuddly co-investors don’t exist

Sharon White can appeal to self-interest when she puts her case to the partnership’s governing council. Photograph: Terry Murden/Alamy

Would the world fall apart if the John Lewis Partnership were not 100% owned by its staff? Would the shoppers revolt if an outside investor – say a sovereign wealth fund or benevolent pension fund – were to acquire a 25% stake, as suggested by the tentative plan emerging from the boardroom?

Actually, the answer is probably no on both counts. A few Waitrose and John Lewis shoppers might cut up their loyalty cards in disgust if their cornflakes and kitchenware came without a full helping of mutuality, but one suspects they would be a tiny minority.