Drinks firm C&C launches €174m rights issue to battle Covid crisis as it looks to reopening of pubs and restaurants

The rights issue comes as the maker of Bulmers and Magners cider and Tennent’s beer posted an operating loss of €59.6m as sales slid to €737m for the 12 months to the end of February.

C&C has launched a rights issue to raise around £151m (€174.6m) to help cut a huge debt burden as the cider, beer and soft drinks firm said it was hopeful of getting out of the Covid-19 crisis as pubs and restaurants reopen in Britain and Ireland this summer.

The rights issue comes as the maker of Bulmers and Magners cider and Tennent’s beer posted an operating loss of €59.6m as sales slid to €737m for the 12 months to the end of February.