The troubled UK cider producer HP Bulmer has confirmed the reports that Miles Templeman, formerly the head of Whitbread Beer Company, before it was acquired by Interbrew, has been charged with leading the company out of its current crisis.

The appointment of Templeman to the CEO position has been well received in the industry, as he is a well respected figure and comes with a strong background in brand building The 55-year-old is credited with much of the success Stella Artois has achieved in the UK market.

Templeman said he was "delighted" to be joining the group, adding: "I have done a great deal to reassure myself that the company is basically in good shape, although it did get drawn into a lot of things that cost it a lot of money."

Bulmer has suffered a terrible few months, seeing its shareprice plummet from 429p to as low as 73p this year, while issuing a string of profit warnings and losing both its CEO and financial director.

However, Templeman's appointment has returned some confidence to the city, with one analyst saying that his acceptance of the position must meant Bulmer's problems are solvable.