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C&C Group to cancel Dublin listing, seeks FTSE index spot

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C&C Group is looking to list on London's FTSE share index as recent M&A activity shifts the company's focus away from its Ireland home.

C&C Groups Magners UK cider brand is made in Clonmel, Ireland

C&C Group's Magners UK cider brand is made in Clonmel, Ireland

The Magners cider and Tennent's lager owner bought the UK-based distributors Matthew Clark and Bibendum from Conviviality Group in April last year. The company now makes the majority of its sales in the UK, with Ireland in second place.

In a trading update today, C&C said it is seeking inclusion on the FTSE UK Index Series and intends to cancel its listing on Dublin's Euronext bourse. C&C is already listed on the London Stock Exchange.

Despite the FTSE approach, the company will continue to be registered in Ireland and highlighted that it retains a "significant manufacturing, commercial and brand presence in Ireland".

C&C Group owns the Bulmers/Magners cider production and bottling plant in Clonmel in the Irish county of Tipperary. The company consolidated its GB & Ireland cider manufacturing in Clonmel after selling production assets in the UK's Shepton Mallet and Ireland's Borrisoleigh in 2016.

In today's trading update, C&C Group said it has had a "solid start" to its fiscal year, which started in March. It added that trading to date is "in line with current market expectations".

The Irish connection - How C&C Group plans to rescue Magners - Click here for a just-drinks focus from 2017


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