GlaxoSmithKline has decided to sell its popular soft drink brands Lucozade and Ribena in a disposal that could bring in more than £1 billion.

The move was announced today alongside weak first-quarter results, which saw sales at Britain's biggest drugmaker drop 3 per cent from a year ago.

GSK launched a strategic review of the two brands earlier this year, ruling nothing in or out for their future.

Most analysts had focused on the idea of a sale, which is likely to attract interest from private equity and trade buyers.