Shares in JD Wetherspoonreceived 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.