Wells & Young's has confirmed that it has ceased brewing Cobra Beer's namesake beer brand in the UK.

Following a report earlier this week in UK trade publication The Publican, the brewer said yesterday (8 June) that it has stopped brewing Cobra as "overdue payments had mounted up and Cobra were unable to pay".

Last week, Cobra was bought out of pre-packaged administration by a joint venture between Molson Coors UK and Cobra founder Lord Bilimoria. The company is believed to have racked up debts of around GBP75m (US$120.9m).

"We wish Cobra Beer all the best in the new company chaired by Lord Bilimoria, and we will now turn to our credit insurers for settlement of the debts," Wells & Young's said this week.

When contacted by just-drinks today, a spokesperson for Wells & Young's declined to detail how much the company is owed by Cobra Beer.

A spokesperson for Cobra, meanwhile, has told just-drinks: ""Molson Coors has an important trading relationship with Wells & Young's and we recognise the productive brewing role they have played in Cobra's development over the past decade.

"We have been in conversations with Wells & Young's regarding transitional brewing options and we were aware of their intention moving forward. Continuity is unaffected by this announcement and the joint venture is already taking orders for new stocks of Cobra."