Brewer Wolverhampton & Dudley said it would be returning £100m to shareholders next month, as it toasted a 17 per cent jump in profits.
The group, which made a profit of £76.1m in the year to September 29, plans to buy back 21.5 per cent of its share capital following its successful defence of a hostile bid from Hartlepool-based Pubmaster. Wolves beat off the takeover attempt with plans to sell non-core pubs and focus on its community estate in the Midlands.
Chief executive Ralph Findlay said the £100m would be paid on December 21 if shareholders approved the buy-back.
l Pubmaster has signed a new distribution agreement with Carlsberg-Tetley. The beer supply and distribution contracts will run for five years. It includes the supply of Carlsberg lager, Carlsberg Export and Tetley's bitter.
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