Fast-food chain Burger King has been sold at the second time of asking after its British owner agreed a cut-price deal.

Drinks giant Diageo secured the £948.6 million sale with a financial consortium after a previous deal fell through.

Diageo has been battling for two years to offload the division and concentrate on its drinks brands, including Guinness and Smirnoff vodka.

The Miami-based burger chain, which has almost 700 of its 11,500 outlets in the UK, has been hit by increasingly tough competition.

The consortium, led by US private equity group Texas Pacific, has now knocked the price down by a third while Diageo will provide some of the debt financing for the sale of the business.

Diageo chief executive Paul Walsh said he was pleased a deal had been done at a tough time for the fast-food sector.