C&C makes loss as drinkers lose taste for Magners

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The company is hoping that a good summer and the new Magners Pear brand will restore it to health after a rocky period.

The Irish outfit made an operating loss of 59 million (£52 million) for the full year to the end of February after taking exceptional charges of 160 million. That includes an 11 million stock write down — mostly apples it had to throw away because they weren't needed to brew Magners because of lower demand.

Former chief executive Maurice Pratt quit last October, taking the blame for a decline in C&C's fortunes.

John Dunsmore has arrived from Scottish & Newcastle on a private-equity style package that will see him and two colleagues get a 5% stake in the business if they hit performance targets.

The size of the task is underlined by an 11% fall in revenues to 514 million (£461 million).

Critics say the business expanded rapidly on a mere fad — the fashion for bottles of cider poured over ice in a pint glass.

Dunsmore, who oversaw the sale of Scottish & Newcastle to Heineken and Carlsberg, says cost cuts are needed to "align" the operating base "with an exceptionally challenging environment".