The Competition Authority has approved the sale of C&C's soft drinks business, which includes the iconic Ballygowan water brand, for €249 million to UK group Britvic. Claire Shoesmithreports.

In a statement yesterday, C&C indicated that it hopes to complete the sale, which was announced last May, by August 29th. The firm has said that the sale will enable it to concentrate on maximising profits in its higher-margin alcoholic drinks business, although its Magners and Bulmers cider brands have suffered of late as a result of the poor summer weather.

Less than two weeks ago the company conceded that poor cider sales - resulting from the bad summer and tougher competition - could reduce its first-half profits by as much as €40 million.

In a separate statement Britvic said that it also had been affected by the unseasonably poor weather. But it added that strong first-half profits and continued focus on costs - excluding any contribution from C&C's soft drinks business - should mean results for the year will be in line with market expectations.

The brands being acquired include Club Orange, Club Energise, Cidona, MiWadi and the franchise for distribution of 7Up and Pepsi in Ireland.