Shares in JD Wetherspoon on Wednesday received a fillip after the pub operator said it expected to complete a refinancing of its debts by March and hinted that it might reinstate dividend payments next year.

Tim Martin, founder and chairman, said the group, which owns 738 pubs across the country, would start formal discussions with its lenders by the end of this year over the refinancing of a £435m ($720m) facility that is due to expire in December 2010.