Cobra beer has announced its first ever annual profit and said it will nearly double marketing spend this year to grow sales.
The group posted pre-tax profits of £4.9m on sales of £48m last year, which comes after a deal in 2009 that left the group majority owned by Molson Coors. Cobra underwent a "pre-pack administration" in May 2009 in a controversial deal that saw Molson – which brews Carling, Grolsch and Worthington's – acquire a 50.1 per cent stake in the business for a reported £14m. Unsecured creditors lost £75m, but Cobra's founder, Lord Bilimoria, has vowed to pay them back.
The business moved production of the beer from Bangalore to Molson Coors' factory in Burton last May to cut costs.
Cobra claims to be the perfect accompaniment to curry because it is less fizzy than most lagers. While the beer has proved popular, the business failed to make a bottom-line profit for nearly 20 years.