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o Whitbread has finally rolled up its once famous "umbrella" which at its height held shares in an array of regional breweries. Most shareholdings were sold after Whitbread took over its investment arm. The remnants were due to be pumped into a brewery investment trust, but it failed to get off the ground.

The stakes which have been sold are Hardys & Hansons, Joseph Holt and cider maker HP Bulmer. Left is a holding in WH Brakspear, the Henley-on- Thames brewer with a share presence on the 4.2 market.