C&C chief out after new slump in Magners sales

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Maurice Pratt, chief executive of Magners parent company C&C, today walked away, taking the blame for the latest slump in Irish cider sales, down 12% this summer, and yet another profit warning from the group.

Magners caught the imagination of the British drinking classes earlier this decade. But after another wet summer and a looming recession that makes spending around £4 on a bottle of Magners down the pub seem like a luxury, there are fears Irish cider could go the way of fads like the boom in alcopops in the 1990s.

Pratt admitted he had failed, saying: "The past two years have been very challenging for C&C.Despite our best efforts, we have not achieved our ambitions for the business.

"As chief executive, I have to be accountable and take responsibility for business performance. The company has to take important strategic choices, and I have therefore decided it is time to stand aside and allow a new CEO to bring fresh thinking and impetus to the business."

C&C today said group revenues, which also include sales of Tullamore Dew Irish whiskey, slumped more than 13% in the six months to the end of August.

Operating profits were steady at €66 million (£51.6 million) but the company warned of trouble ahead, saying: "Performance trends in Great Britain will lead to a material drop in operating profit in the second half of the year.

"While poor summer weather and the difficult economic environment impact Magners' performance, the group does not believe these wholly account for the strong brand equity in Magners not converting into improved market performance."