News
C&C Group appoints first ever chief financial and transformation officer
Andrea, who joined C&C as chief financial officer and an executive director on 1 March 2024, will take up his new role with immediate effect.
The new position will put Andrea in charge of the group’s transformation programme, which is focused on simplifying operations and enhancing efficiencies across the business. Having served in senior roles at Marston’s for more than 20 years, he has plenty of experience in the drinks sector.
Headquartered in Dublin, Ireland, C&C manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks to approximately 30,000 customers across the UK and Ireland. Its portfolio of brands includes Tennent’s, Bulmers and Magners.
Speaking at the time of Andrea’s appointment, C&C chief executive Patrick McMahon said: “Andrew brings a rare depth of experience within our industry to C&C and we are delighted to welcome him to the business.
“We continue to focus on building C&C as the premium drinks and distribution business in the UK and Irish markets. Andrew will bring invaluable expertise and insight to our team and help deliver on that ambition.”
Calls for sale
The news comes shortly after activist investor Engine Capital called on the C&C board to explore a sale. Engine Capital, which owns slightly less than a 5% stake in the group, said it was “undervalued due to structural and self-inflicted problems which make it unfit for public markets”.
In a letter sent to the board, the investor said: “We invested in C&C more than four years ago due to the company’s high-quality portfolio of brands, leading distribution position in the UK and Ireland beverage markets, strong free cash flow generation, and the ample opportunities for the Board to significantly increase shareholder value.”
However, the letter was rebuffed by the C&C board, which issued a statement stating that underlying performance of the business has “been in line with expectations, and progress has been made in returning capital to shareholders”.
