DEPARTING C&C chief executive Maurice Pratt doesn't do regrets but if he could turn back the clock on his seven-year stewardship of the drinks group, he admits he probably would not have been so aggressive in increasing capacity to meet the growth of Magners cider in Britain.
"If I could change one thing, it would probably be the decision to double capacity in Clonmel [its cider-making plant]," he said. "It was made for the right reasons but, in hindsight, I would have put less investment into that."
Magners had enjoyed spectacular growth in the British market in 2005 and 2006 following test runs, but last year brought stiffer competition from drinks giant Scottish Newcastle, which is now part of the Heineken stable, and two of the worst summers in living memory.
CC's share price is now just one-tenth of what it was in early 2007 as market confidence has seeped away.
The firm is now in the middle of a painful restructuring of its Clonmel plant that will result in numbers working at the plant being reduced. "At the time, it felt like the right decision given the success that we'd had. It was on the back of a great summer and the [soccer] World Cup. There was a viral take-off in the brand.
"On reflection, we should have been a little more cautious about that and about our success into the future. You try to make as few mistakes as you can and to learn from those that you do make."
Mr Pratt, who was once the face of Quinnsworth on television here before its takeover by Tesco, can take satisfaction from CC's flotation on the Dublin and London stock markets, the initial success of Magners and the sales of its snacks and fizzy drinks divisions, which netted the company tidy profits. Tullamore Dew has developed its whiskey sales strongly and Bulmers remains the dominant cider brand in Ireland.
Mr Pratt tried without success to refocus the Magners business in Britain recently and felt the time had come to step aside and allow for some "fresh thinking" at the top of the organisation. He expects to continue in a caretaker capacity for a few months while a replacement is identified.
Mr Pratt is adamant about one thing: in spite of its travails over the past 18 months, CC has a future as an independent entity.
"The core issue is GB [Great Britain] and how do we find a way of energising what is a fantastic brand in the market. That involves finding the right strategy and then getting the operational execution right."
A joint venture or strategic alliance for Magners could be on the cards, although Mr Pratt wouldn't comment on what direction the group should take, preferring to leave that to his successor.
"Magners is a fantastic brand and it has a 1.4 per cent share of the [on trade] alcohol market in Britain . . . that's bigger than Heineken's pre the acquisition of Scottish Newcastle. It's a great starting point and something to be proud of."
