Lord Bilimoria, the Cobra Beer founder has taken a cool £5.8m home after the company recorded a year of increased profits despite sinking revenues, the City AM reported.
Cobra, a joint venture between brewer and Bilimoria, reportedly recorded a profit of £8.5m for 2016, up from £7.8m in 2015.
Turnover was down from £62m to £57m, but reduced spending on marketing and other operating costs apparently helped the company to increase their profit. It paid out £8m in dividends during the year and £3.8m after the year end. So Lord Bilimoria, who owns a 49% stake, took home £5.8m, the report suggested.
Meanwhile Molson Coors, which also brews Carling and Coors Light, has decided not to launch a new brand under the name, "Dead Brewers' Society", as it already belonged to a group of British beer enthusiasts.
