Brewing giant Molson Coors has bought Cobra Beer out of administration.
Cobra, run by Lord Karan Bilimoria, went into administration on 28 May but was immediately sold to a joint venture formed by Molson Coors and some of the existing shareholders of Cobra Beer.
Cobra had run into financial difficulties as a result of the economic downturn. Molson Coors holds a 50.1% share in the joint venture, which will be chaired by Bilimoria.
The Board will also include Molson Coors executives and Adrian Davey, formerly managing director of Molson Cors off-trade, will act as managing director for the Cobra Beer Partnership.
"Cobra is an excellent fit with our UK portfolio — alongside international brands such as Grolsch, Blue Moon and Sol — and builds our commitment to offer customers an outstanding range of beers to pair with food," said Molson Coors UK chief executive Mark Hunter.
"The immediate business priorities are to ensure a smooth transition and continuity for Cobra's customers, while we integrate the Cobra brand and many of its people into our organisation."
Lord Bilimoria added: "I am pleased to have reached this agreement with Molson Coors, which is the best option to ensure continuity of supply for Cobra customers and security of employment for some Cobra employees.
"Molson Coors is a highly successful international brewer with a tremendous track record in brand development and their unique and positive culture is shaped by generations of family ownership.
"These factors were tremendously important to us in deciding who we would partner with and I look forward to working with them in the future."
The administration process was handled by PriceWaterhouseCoopers LLP. "The last few months have seen an intensive period of activity as we worked with Cobra Beer to explore the options available to them," said Zelf Hussain, joint administrator and director at PricewaterhouseCoopers LLP.
"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."