Turnaround trio in at ailing C&C

Troubled cider maker C&C parachuted former Scottish & Newcastle boss John Dunsmore into the company today, offering him a private equity-style pay deal in the process.

Dunsmore and S&N colleagues Stephen Glancey and Kenny Neison could make millions if they turn around the business behind Magners.

C&C will issue 16 million new shares at ¤1.15 each to sit in a bonus pot to reward executives, though the final terms of the deal are not yet known and will have to be approved by shareholders. C&C shares are down 90% since last year as the cider boom collapsed.

Dunsmore, who won praise for selling S&N to Carlsberg and Heineken before there were clear signs of a recession, insists cider has a strong future.

"There are problems today and trading conditions are terrible. But cider as a category is strong," he said.