The chief executive of the UK cider group, HP Bulmer, Mike Hughes, has quit his post after the company's disclosure on Monday of £3.3m in previously "unidentified promotional costs". The company also said its final dividend of 12.6p would not be paid.

Following the disclosure, Bulmer's shares fell to a 12-month low of 307.5p and yesterday fell further to 205p.

Bulmer chairman, Will Samuel, said that the board had lost confidence in Hughes and accepted his resignation yesterday morning. Colin Brown, a non-executive director, has taken charge on a temporary basis until a successor can be appointed.