It’s trebles all round at Cobra
COBRA Beer made its first ever annual profit last year, as it bounced back following a controversial pre-pack administration.
The company, founded by Lord Karan Bilimoria in 1990, made profits of £4.9million on sales of £48million for the year to December.
It also announced plans to lift marketing spend from £3million to £5million this year, as it seeks to build on its success in Indian restaurants.
Cobra underwent a pre-pack administration in May 2009, when Molson Coors – brewer of Carling, Grolsch and Worthington’s – took a 50.1 per cent stake for a reported £14million.
However, the company’s unsecured creditors lost £75million.
Cobra has since benefitted from Molson’s buying power, distribution networks and marketing skills.