Wolverhampton & Dudley Breweries has won the auction for Wizard Inns. The group today unveiled a deal to buy the 63 outlets for £89.9m. The acquisition will increase W&D's presence in the south of England and provides a greater mix of community pubs and unbranded bars.

Chief executive Ralph Findlay described the acquisition as being consistent with W&D's strategy of expanding organically and geographically.

The group expects to make annual savings in the region of £2.5m from the deal, through reduced overheads and purchasing costs.

W&D currently has 473 outlets in its Pathfinder managed pubs division.

The Wizard Inns outlets were put up for sale by City financier Guy Hands and his investment vehicle, Terra Firma Capital Partners.