Cobra Beer founder Lord Bilimoria has pledged to pay back creditors who lost millions of pounds when the lager brand entered administration earlier this year.
Bilimoria yesterday said he would spend “several years” paying back the cash, according to The Times.
Creditors lost an estimated £71m as a result of the ‘pre-pack’ administration of Cobra, which Bilimoria subsequently bought back in a joint venture with US brewer Molson Coors.
Molson Coors yesterday announced a £10m marketing push over the next three years to underline the beer’s association with ethnic foods.
“The Cobra brand has a unique and iconic status and its excellent reputation with the ethnic restaurant sector and strong association with exotic spicy food is a key factor behind our investment,” said Molson Coors chief executive Mark Hunter.
Coors off-trade managing director Adrian Davey becomes MD of the new Cobra Beer Partnership, which is chaired by Bilimoria. Production of Cobra is moving to Molson Coors’ facility in Burton.