C&C boss Maurice Pratt resigns

Drinks company C&C boss Maurice Pratt has resigned, the company announced today.

Mr Pratt has been chief executive of the company for the last seven years and seen its fortunes tumble as the cider market slowed.

He told the C&C board that his decision to step down was prompted by the failure of the company's "repositioning strategy' to meet his expectations. He will continue to manage the business during the transition until a new CEO is appointed.

Maurice Pratt said today: "The past two years have been very challenging for C&C group and 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."

C&C manufactures Bulmers in Ireland, which is branded and sold as Magners for export to the United Kingdom, the United States and Continental Europe.

Meanwhile, C&C also announced its interim results for the six months to the end of August. They are within expectations, showing flat operating profits of €66.5m.

Cider sales were down 12% in the period over the same period last year, but were offset by a cost-saving programme implemented in March this year.

The company plans a review of its marketing and commercial strategy in the UK, saying today that it believed Magners had potential to develop further in that key market.