Bosses at C&C Group, the Irish maker of Magners cider, have declined bonuses worth more than £1m and put the cash into a pot for company staff.

Chief executive John Dunsmore agreed to waive the bonuses alongside former Scottish & Newcastle colleagues Stephen Glancey, now C&C chief operating officer, and strategy director Kenny Neison.

Glancey said the move was “appropriate in the current climate”.

The news comes after C&C yesterday predicted a drop in full-year sales of 13% for 2008-09, including a drop of 23% in UK sales for Magners. The group predicted a 3% fall in market share for Magners and also wrote down the value of its Clonmel plant by €130m to just €70m.

Last month C&C announced that it was to axe 120 jobs in a drive to reduce costs, with the majority of cuts set for Clonmel and the group’s Dublin head offices.