C&C (GCC.L, CCR LN)
DUE TO THE ANNOUNCEMENT OF A RIGHTS ISSUE BY C&C GROUP PLC, DAVY IS NOW IN A PERIOD OF ORDINARY COURSE RESEARCH. RESTRICTIONS THEREFORE APPLY TO OUR RESEARCH COVERAGE. C&C operates a branded wholesale model across its core markets of Ireland and Great Britain. Its core branded beverage offering centres on cider, beer and the niche premium craft category. Wholesale and brand activities are underpinned by a well-invested distribution and manufacturing model. C&C is the leading drinks wholesaler in the UK and Ireland with strong brand and market combinations. The acquisition of Matthew Clark Bibendum in April 2018 is transformational for C&C's UK platform, marking a material upscaling of C&C's downstream activities across core markets. C&C's portfolio includes Bulmers in Ireland, Tennent's in Scotland and Magners in the UK. These consolidated regional profit pools offer attractive returns and generate significant cash flow.
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