June 3/Business Monitor International Ltd. -- Having fallen into administration after failing to find a buyer or strategic partner, the U.K.'s Cobra Beer has been snapped up by Molson Coors. An iconic brand in the U.K.'s Indian restaurant sector, Cobra ploughed funds into attempts to widen its appeal, both in the U.K. pub channel and in the fiercely competitive Indian beer market. These largely unsuccessful efforts hurt the company's bottom line and contributed to its demise as recession clouds gathered.

Cobra is thought to have spent some 40 million pounds ($65.6 million) on marketing and brand-building in its efforts to crack the U.K. pub sector, an industry awash with premium international brands, as well as affordable mass-market lagers. A hugely competitive industry, Cobra will also have been a victim of timing, its spending coinciding with a slowdown in both pub and restaurant sales.