September 4, 2019 / 10:03 AM / 3 months ago

Fuller to return 69 million sterling to investors after beer sale to Asahi

(Reuters) - Fuller, Smith & Turner Plc (FSTA.L) said it would return 69 million pounds ($85 million) in cash to investors after selling its British beer business to Japan’s Asahi Group (2502.T) this year to focus on pubs and hotels.

The capital return is at the top end of the range indicated when the deal worth 250 million pounds including debt was announced, the company said.

Fuller also said on Wednesday that it had made a good start to the new financial year, with like-for-like sales in managed pubs and hotels rising 2.5%.

Fuller shares were up 4.5% to 1,115 pence at 0941 GMT.

Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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