Join our community of smart investors

Directors buy in as drinks fizz out

Fevertree announced a disappointing year-end update, while C&C fell on the imminent departure of its chief executive
January 29, 2020

Fevertree (FEVR) shares slumped this month on a 20 January trading update that detailed the impact of a bad Christmas period for the drinks company. UK sales for the year fell 1 per cent. Double-digit growth overseas failed to prevent the shares losing more than a quarter of their value, and the following day, non-executive director Kevin Havelock bought 21,579 ordinary shares at a volume weighted average price of 1,483 pence, at a total value of £320,016. 

A pair of C&C (CCR) directors also bought in after the drinks company’s chief executive Stephen Glancey announced his intention to retire, having been at the helm since 2012. An accompanying trading update confirmed that trading for the four months to 31 December was in line with expectations and double-digit earnings per share growth for the group’s full year did little to allay investor disappointment at Mr Glancey’s exit, and C&C shares fell by as much as 10 per cent. Director Stewart Gilliland has been appointed interim executive chairman. 

Across 22 and 23 January, non-executive director Jim Thompson bought 21,000 shares at an aggregate price of $101,411. Non-executive director Jim Clerkin, meanwhile, bought 14,000 shares for a total value of £51,380 on 23 January.