Maurice Pratt is to quit as chief executive of C&C Group, after the makers of Magners cider warned of a “material drop” in profits, and slashed its dividend.

Under Mr Pratt’s leadership the Irish group made a bold move into the UK market with Magners in 2005, but after initial successes it met strong competition and was hit by consecutive poor summers. Sales have fallen sharply and Magners’ share of the UK market decreased.