Cobra sold to Molson Coors through PwC pre-pack
Beer brewer saved after PwC insolvency experts broker pre-packaged deal to form a joint venture with Molson Coors UK and some of the existing shareholders of Cobra Beer
Cobra Beer has been saved from going under after administrators from
PricewaterhouseCoopers sold the ailing brewer to Molson Coors in a pre-packaged
deal.
Following their appointment on 29 May, Zelf Hussain, David Chubb and Colin
Haig announced the sale of the business to a joint venture formed by Molson
Coors UK and some of the existing shareholders of Cobra Beer.
The company, established in 1989 by Lord Karan Bilimoria, ran into financial
difficulties as a result of the economic downturn. It exports beer to 50
countries around the world and will now join the household names in the Molson
Coors stable.
Molson Coors UK has over 2000 employees in the UK and its current portfolio
of beers includes Carling, Coors Light, Grolsch, Worthington’s, Caffrey’s and
Sol.
Zelf Hussain, joint administrator and director at PricewaterhouseCoopers LLP
said:
‘We are extremely pleased to announce the sale of Cobra Beer to a joint venture
formed by Molson Coors UK and Cobra Beer.
‘The last few months have seen an intensive period of activity as we worked
with Cobra Beer to explore the options available to them.
‘Recently we have performed an extensive marketing exercise and feel that
this deal represents the best outcome for the business and will ensure the Cobra
brand continues to exist.’
