WOLVERHAMPTON & Dudley, the UK's largest regional pubs and brewing business, has set a deadline for potential suitors looking to buy the group.

The company, which employs 140 at its Camerons Lion brewery in Hartlepool along with three others and 1,700 pubs, said it wanted all formal offers to be in by noon on April 5.

If no satisfactory offer was made by this time, it would look to "enhance shareholder value" by rationalising its brewing business and focus on increased sales across its community pubs estate.

Wolves put itself under the hammer last October, sparking a flurry of speculation about possible buyers. A company spokesman said: "The situation has been dragging on and creating uncertainty in the business. The feeling is that it is now time to draw the line, April 5 is five weeks from yesterday and that is when formal bids have to be with the board."

Wolves saw its share price fall from a high of 618p in 1999 to 322p last summer, after a series of setbacks as it tried to integrate two big acquisitions - Mansfield Brewery and Marston, Thompson & Evershed. Camerons is the only W&DB operation running at full capacity, brewing Kronenbourg 1664, Heineken and Harp Irish lager. It brews about 450,000 barrels a year.

In December, the Castle Eden Brewery near Peterlee, said it was in negotiations to sell its site and use the proceeds to buy the Lion Brewery.

Wolves shares closed at 432p, down 2