Imperial stubs out cigars

IMPERIAL Brands is planning to sell its prestigious global cigar business for as much as £1.5bn.

Jefferies said a sale of the unit, which includes premium labels such as Cuban brand Montecristo, could raise between £1bn and £1.5bn and is ‘an attractive asset’.

The Bristol-based tobacco giant did not put a price on the cigar business, but said the move was part of a divestment programme to raise £2bn by 2020.

Imperial has already generated £ 280m from the strategy to cut debt and reinvest in further growth.

This includes areas such as the burgeoning vaping market, which is rapidly moving in on traditional cigarette sales.