Magners chief executive resigns

The boss of the Irish firm that makes Magners cider, C&C, has announced his resignation in the face of the company's "clear trading difficulties".

In his resignation statement, Maurice Pratt added that his repositioning strategy for the firm over the past two years had "not met expectations".

Despite rapid growth in recent years, sales of Magners have fallen in 2008.

Mr Pratt's resignation came as the firm said revenues slumped 13% in the six months to 31 August.

The firm also warned that it expected the current sales trends to lead to a "material drop" in operating profits during the second half of the year.

Sales of Magners in Britain had been hit by the wet summer weather and the tough economic environment, C&C said.

However, it added that Magners sales should still have been better, and so the company is now starting a major review of its marketing campaign in Britain in an attempt to revive revenues.

'Take responsibility'

"The past two years have been very challenging for C&C and despite our best efforts we have not achieved our ambitions for the business," said Mr Pratt.

"As chief executive I have to be accountable and take responsibility for business performance.

"The company has to take important strategic choices and I have therefore decided it is time to stand aside and allow a new chief executive to bring fresh thinking and impetus to the business."

Mr Pratt will continue in the chief executive position until his replacement is appointed.

Magners has been at the forefront of cider's resurgence in the UK in recent years, inspiring a host of new companies and brands to enter the market.

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