That was at the bottom of range of analyst predictions for the group which has been repositioned after disposing of its tenanted pubs and off licences.
These are the immediate banning of badger culling on any Gloucestershire County Council land which is not tenanted and working to ban badger culling on tenanted council land as tenancies are renewed.
But Vaux's hotel business makes much more money, and so Vaux Group has decided to get out of the beer trade (it is also selling a smaller Sheffield brewery and about 350 tenanted pubs).