Magners cider maker set to snub Dublin market

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The Independent Online

The owner of Magners Irish Cider and Tennent's Lager is looking at moving its mainlisting from Dublin to London, as the Emerald Isle's financial status faces a fresh threat.

C&C Group's chief executive, Stephen Glancey, is understood to have sounded out leading investors about the plan, which would make the €790m-turnover group the third major Irish company to switch operations to the Square Mile since December.

One shareholder said: "This is really reflecting the view that Ireland is now a secondary shell. London would bring more liquidity with more investors and a broader audience."

The building materials giant CRH and the convenience food group Greencore, which, like C&C, were part of Dublin's benchmark ISEQ20 index, have already switched. C&C has a secondary listing in London, but about 70 per cent of its shares are traded in Ireland.

CRH, a FTSE 100 constituent, is by far the biggest company to defect, but C&C is the most glamorous name of the trio due to the ubiquity of its products, which also include the Blackthorn and Gaymers ciders.