Magners owner C&C Group eyes up London listing
Magners cider manufacturer C&C Group has announced plans to move its listing to London as it looks to target new investors in the capital’s “key” financial market.
The drinks giant is currently listed on both the Euronext in Dublin and the premium segment of the London Stock Exchange.
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But the Dublin-headquartered firm today said it will delist from the Irish index and seek inclusion on the FTSE 250.
“London is a key financial market and switching will give us access to a much deeper pool of investors and allow FTSE index funds to buy C&C,” said chief executive Stephen Glancey.
C&C, which snapped up drinks firms Bibendum and Matthew Clark following the collapse of Conviviality last year, said the move reflects the fact that most of its revenue now comes from the UK.
Almost half of C&C’s shareholders are also now UK-based, and the firm said it hopes to cash in on London’s wider offering of investors.
The company has previously announced plans to ramp up its production of European drinks at its UK plant following Brexit.
Despite the move, C&C said it will remain headquartered in Ireland and continue to pay its taxes in the country.
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C&C, which also owns Bulmers and Tennent’s, said it had made a “solid start” to the financial year, with trading since the beginning of March in line with market expectations.
Boss Glancey said the firm is aiming for double-digit growth in earnings per share growth in 2020, reflecting the “inherent strength” of the business.