C&C Group cheers Tennent’s and Innis & Gunn sales and seals Asahi UK deal

The group, which is led by Scots-born chief executive Roger White, said trading in the six months to the end of August had been in line with expectations, with underlying operating profit for the period anticipated to be in the range of €43 million (£37m) to €44m.

In a brief trading update to accompany news of the Asahi deal, C&C added that it remained on track to achieve full-year operating profit in line with market expectations, while noting that market conditions remained “volatile” ahead of the crucial Christmas trading period.

During the first half, net revenues were 3 per cent below last year, reflecting growth of 2 per cent in branded division revenues offset by a decline of 4 per cent in distribution revenues.

The firm noted: “Branded revenue growth was supported by continued momentum in our core Tennent’s and Bulmers brands, favourable weather and targeted marketing activity around the World Cup period. In addition, our premium portfolio has grown as we build distribution, and we saw a particularly strong contribution from the Innis & Gunn brand now under the group’s full ownership.”

In March, C&C announced the acquisition of the intellectual property (IP) of Innis & Gunn, the Edinburgh-based firm behind a range of ales, in an agreement worth £4.5m. At the same time, joint administrators for the Innis & Gunn assets announced the closure of the firm’s Perth brewery and three taprooms.

Dublin-headquartered C&C, which also owns drinks brands such as Bulmers, Drygate and Menabrea, said it had agreed to acquire Asahi UK’s wholesale businesses for a “nominal consideration”, expanding its Matthew Clark Bibendum (MCB) operation and adding a significant new customer base.

C&C will assume all customer and supplier relationships, intellectual property, a leased depot and certain assets including vehicles and stock, while Matthew Clark Bibendum will enter a long-term partnership associated with Asahi brands in the UK.

The agreement also includes the full transfer of supply arrangements to the Fuller, Smith & Turner pub estate.

White, who took the helm at C&C Group towards the end of January 2025, having previously led AG Barr, the Cumbernauld-headquartered maker of Irn-Bru, for 22 years, said: “This move represents an attractive opportunity to provide a significant number of new customers with MCB market leading service and range proposition whilst simultaneously delivering immediate scale and efficiency into the group’s operations, in line with our strategy.

“We expect the majority of the customer and supplier transitions to be completed in the coming weeks, and for the acquisition to make a small positive contribution to the overall financial performance of MCB in [the full financial year].”

Completion of the deal is expected in early October, after which a structured programme of customer transfer will take place. C&C Group’s interim results are due to be announced on October 28.

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