Several other tobacco businesses are the subsidiaries of more broadly based companies, like Brown and Williamson, which is part of BAT Industries.

BAT Industries was unsettled by news that rival Philip Morris expected a 40 per cent fall in tobacco profits and planned price cuts.

Mr Garroway retired as deputy chairman of BAT Industries on 31 October.

It was acquired by BAT Industries for £968m in 1984.

Half year profit before tax at BAT Industries rose by 55% to £645m.

BAT Industries, which exports most of its cigarettes, was up 17p to 973p.

The company was subsequently rebranded International Stores and was acquired by BAT Industries in 1972.

BAT Industries (tobacco and financial services) has restated life assurance profits on the accruals method in its report for the nine months ended 30 September 1992.

Argos was purchased by BAT Industries in 1979 for £32 (€35) million.

The company was demerged from BAT Industries and listed on the London Stock Exchange in 1990.