C&C Group has said that its Magners cider brand will no longer sponsor the London Wasps rugby team, following a strategic review.

Magners will cease to sponsor Wasps at the end of the current rugby union season, after four years with the club, C&C Group said on Friday (30 January).

Maurice Breen, Magners' marketing director, said that the move followed "a strategic review of our existing sponsorships".

Some analysts have said the firm may seek to cut costs in order to revitalise investor confidence.

C&C Group shares continued to tumble last week, amid concern over Magners sales.

Investment broker Goldman Sachs downgraded the Irish group from buy to sell, citing the firm's January trading statement, which said that double-digit decline for Magners has continued into 2009.

C&C's share price was EUR0.79 at midday today, compared to EUR1.5 in January last year.