Karan Bilimoria: irrepressible brewing entrepreneur

Karan Bilimoria founded Cobra beer to exploit the Indian restaurant trade. After rapid expansion, his firm went bust owing £70m. One 'pre-pack' deal later, he's back in charge.

If the test of a good entrepreneur is an ability to bounce back, Lord Bilimoria looks set to pass with flying colours. Earlier this summer, he bought back Cobra Beer, his failed business, from administrators in a 'pre-pack' deal.

Karan Bilimoria, 47, is a director of the new firm, a joint venture with US brewer Molson Coors, which paid £14m for a 50.1% stake. But the move has enraged creditors, left with almost £70m in debts, says Matthew Goodman in The Sunday Times. Bilimoria says he fought to avoid this and was working on a company voluntary arrangement (CVA) that fell apart when Cobra's brewers, Wells & Young's, vetoed it. When the CVA, which would've given creditors some cash, broke down, pre-pack was the only option.

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