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Loss of boss 'won't affect C&C growth potential'

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Magners cider maker C&C has a number of long-term growth levers that will spur sustainable earnings at the group following the unexpected departure of chief executive Stephen Glancey, according to Davy Stockbrokers (Peter Byrne/PA)

Magners cider maker C&C has a number of long-term growth levers that will spur sustainable earnings at the group following the unexpected departure of chief executive Stephen Glancey, according to Davy Stockbrokers (Peter Byrne/PA)

Magners cider maker C&C has a number of long-term growth levers that will spur sustainable earnings at the group following the unexpected departure of chief executive Stephen Glancey, according to Davy Stockbrokers (Peter Byrne/PA)

Magners cider maker C&C has a number of long-term growth levers that will spur sustainable earnings at the group following the unexpected departure of chief executive Stephen Glancey, according to Davy Stockbrokers.

Among the measures Davy says will benefit C&C is the introduction within the next 18 months of minimum unit pricing for alcohol in the Republic.

However, it had been delayed in Northern Ireland because of the collapse of the Executive.

It's intended that minimum unit pricing will be introduced in a co-ordinated manner across the two jurisdictions on the island.

C&C, which also owns Tennent's NI, announced last week that Mr Glancey had stepped down from the role with immediate effect and he would leave the company at the end of next month.

Mr Glancey, who was chief executive since 2012, was seen as pivotal in helping to drive a strategy at the drinks group that saw the FTSE-250 firm buy UK distribution businesses Matthew Clarke & Bibendum (MCB) in 2018 in a pre-pack administration.

"While the unexpected departure of group CEO Stephen Glancey has caused price weakness, he leaves the business against a backdrop of positive operating momentum with a platform that has enhanced potential," said analysts at Davy Stockbrokers yesterday.

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