Imperial Brands kicks off second phase of its £1.1bn buyback as it tries to sweeten investors

Buyback: Imperial Brands said it will repurchase up to £550m of shares by the end of October

Imperial Brands has kicked off the second phase of its £1.1billion buyback as it tries to sweeten investors.

The tobacco giant behind Lambert & Butler cigarettes said it will repurchase up to £550million of shares by the end of October, on top of the £550million it has already completed.

The Bristol-based firm first announced the buyback last October following growing demand for vapes.

But it comes as the Government also pushes ahead with plans to introduce a tax on vaping and increasing tobacco duty from October 2026.

Rival British American Tobacco launched a £2billion share repurchase programme in February 2022 but decided not to renew it last year.

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