C&C board receive hike in pay

C&C’s board members all saw significant increases in their pay packages over the course of the drinks group’s last financial year — which ran to the end of February.

Chief executive Maurice Pratt saw his total remuneration (including basic salary, benefits in kind, annual bonus and pension contributions) rise to just over €1.4 million over the 12 month period — up from €1.2m the previous year. His basic salary for the group’s last financial year amounted to €638,000.

Brendan McGuinness — the head of C&C’s core cider division, which comprises the Bulmers and Magners brands — saw his total remuneration package rise, year-on-year, from €609,000 to €774,000.

Brendan Dwan, C&C’s group finance director, saw his total income jump from €558,000 to €705,000; while that of the group’s strategy and development director — James Muldowney — grew from €452,000 to €568,000. Group chairman, Tony O’Brien earned €197,000 last year — €7,000 more than the previous year.

C&C has been the subject of plenty of speculation in recent times. One rumour surrounded it being sized up by international drinks giant, SABMiller, as a possible takeover target.

Most recently, it was said to be gearing up to sell off its wine distribution business, Findlater Grants in order to focus more closely on its cider business. This would seem to be nearer to the truth as that was the reason it gave for selling off its soft drinks division to Britvic for €249m, last month.

The group is likely to see results from its current European test launches of Magners — being rolled out in Barcelona and Munich — in October.

In the meantime, it is to spend a further €70m on building a new warehouse in its Clonmel cider facility. It has already finished work on a €200m expansion of the plant that will see brewing capacity more than double.