UK cider group, H.P. Bulmer Holdings, has said a review of its business has revealed previously unidentified promotional costs estimated at £3.3m. The company said it has been carrying out additional detailed work with its auditors to confirm this estimate. A report is expected by the end of the month.

In the meantime, the company said it would be having discussions with private placement note holders about the impact on, and changes to, company covenants.

The company added that while key brands Strongbow and San Miguel had continued to grow ahead of the market since the year-end in April, the overall performance in the UK has been affected by the bad weather in June and July. In its international division, Australia was said to be performing on a par with last year. But poor weather and lower tourist business had impacted on its business in Europe though Strongbow had continued to grow.