LUXURY fabrics, wallpaper and upholstery supplier Colefax Group PLC completed a £2.47m share buyback last Friday, purchasing 514,000 of its ordinary shares.

The group — which owns the Colefax and Fowler, Cowtan & Tout, Jane Churchill, Manuel Canovas and Larsen brands along with Kingcome Sofas — paid 480 pence per share.

The shares, which represented around 4.8 per cent of the total in issue, were subsequently cancelled. Publicly owned companies with surplus cash commonly use share buybacks as a means of increasing earnings per share.

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