Bulmers Owner Strengthens Liquidity For Duration Of COVID-19 Crisis
Published on Apr 30 2020 10:50 AM
Bulmers owner C&C Group plc has today provided new measures an update in light of the ongoing COVID-19 pandemic.
Following the announcement issued on 20 March, C&C continues to implement a series of measures to reduce operating costs, maximise available cash flow, and maintain and strengthen the group’s liquidity position, the drinks company outlined in a statement.
It said that it has significantly reduced its capital spend, expected to be in a €7 million to €10 million range for its full year 2021.
The company stated that it has reduced its marketing and minimised discretionary spend and that 70% of it employees have been placed on furlough.
Its main production sites in Glasgow and Clonmel remain operational, with stringent social distancing and hygiene measures in place, it added.
This has allowed the company to 'deliver security of supply of its fabric brands Tennent’s, Bulmers and Magners to its Off-Trade customers during a period of increased demand'.
The company said that given its absolute focus is on cash conservation and that the group’s has decided to avail of government support through this crisis, 'the Board believes it is neither appropriate, nor prudent, to declare a final dividend for its full year 2020'.
The process to appoint a new CEO remains on-going, the drinks company said.
However, the company noted that the Board’s Nomination Committee is pleased with the quality of candidates.
The groups next AGM is due to take place on the 23 July, 2020.
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