Cobra raise a glass to sale

Jun 1 2009 by Linzi Nicholson, Huddersfield Daily Examiner

COBRA Beer has been bought by a joint venture between Molson Coors and Cobra founder Lord Karan Bilimora after entering a pre-packaged administration.

Administrators PricewaterhouseCoopers said the company had run into financial difficulties in the economic downturn.

A pre-pack is when a sale is agreed before the administrator is appointed and is carried out without the business being offered on the open market.

Reports suggest Cobra Beer racked up losses of about £16m last year.

PwC said they had explored different options and this was the “best outcome” for Cobra Beer.

Pre-packs often involve the sale of the business to the existing owners or management.

It will now be jointly owned by Molson Coors UK and a new company controlled by Lord Bilimoria.

Molson Coors' beers include Carling, Coors Light, Grolsch, and Sol.