Cobra hires Grant Thornton for £4.5m Indian expansion
Beer company’s fundraising drive starts just five months after pre-pack administration
Cobra Beer founder Lord Bilimoria has hired Grant Thornton to raise £4.5m for
the company’s expansion into India, just five months after going through a
pre-pack administration.
Neither the British or Indian sides of the business have yet made profit, but
the company feels there is enormous untapped potential in the Indian beer
market. Grant Thornton will attempt to bring in the money to purchase a brewery
in the country and develop the brand there.
It has predicted that company turnover in the Indian market will grow to £20m
within four years.
Cobra was placed in administration back in May, owing creditors £70m and
immediately sold to a joint venture involving Bilimoria and Molson Coors.
Last month, Bilimoria promised to repay millions to creditors who lost out
due to the administration, reported
The
Times.
Further reading:
Cobra
sold to Molson Coors through PwC pre-pack