Britvic's 400 job losses are 'bitter blow'

The news came as the soft drinks firm announced strong profits growth in its interim financial results for the 28 weeks to April 14. Earnings before interest, tax and amortisation were £53.6M, which is almost 28% up on the same period of 2012.

Reduction in headcount​

While regretting the job losses, chief executive Simon Litherland said: "The initiatives proposed, along with the simplified organisational structure will, subject to appropriate consultation, lead to an overall reduction in headcount of between 10% and 15%."​

Britvic also plans to combine its businesses in Britain and Ireland, invest in its procurement and product optimisation and invest £10M in its international business.

Less than 10% ​

AG Barr's proposed reverse takeover of Britvic is currently the subject of a Competition Commission inquiry, which is expected to publish its decision at the end of July. Recent reports suggested some analysts were now putting the likelihood of it receiving approval at less than 10%.

Both firms announced their plans to merge in September 2012.