Some doubts have been cast on the likelihood of Cantrell & Cochrane going ahead with its planned May/June flotation, given Charlie McCreevy's treatment of tax on cider.

There is little doubt the lower margins on Bulmers (C&C is absorbing half of the additional tax) will mean that the group will need to look again at the numbers. But the market view is that C&C is still a likely IPO although its British owners, BC Capital, may have to accept a lower valuation.

Meanwhile, with Maurice Pratt starting work as managing director this week, C&C is further gearing up on the management side ahead of a possible IPO and has headhunted Independent News & Media's company secretary Noreen O'Kelly.