UK brewery firm Wolverhampton & Dudley Breweries stepped up the consolidation of the pub sector today by announcing a £13.7m (€20.2m) offer for a smaller operator.

The FTSE 100 Index slumped to its lowest level in three months today as a profits warning from B&Q owner Kingfisher cast a chill over the retail sector.

The FTSE 100 Index moved closer to its lowest point this year after a profits warning from B&Q owner Kingfisher further unnerved the retail sector today.

Wolverhampton & Dudley Breweries today said it had agreed a £45.8m (€67.3m) takeover of Lake District brewer and pubs group Jennings Brothers.

The four-day winning streak of the FTSE 100 Index came to an end today following a weak performance by oil stocks and further losses on Wall Street.