Thu, 05 Nov 2020 | BUSINESS SALE
Premier Foods has confirmed that it is engaged in ongoing talks over the sale of its stake in Hovis.
The company confirmed that it is pursuing the sale of its 49 per cent stake in the leading bakery brand following the release of a statement from Italian food business Newlat Food, who have walked away from the bidding .
Private equity firm has now confirmed that Endless is now expected to purchase the stake and complete an acquisition. However, Premier Foods, which also owns Mr Kipling and Bisto, has stated that there is "no certainty" that the talks would result in success.
Although Premier Foods has not placed a formal asking price on their shares, it is believed that they are looking for around £100 million. This price is likely linked to the brand's recent success, having filed results for 2019 showing that it had increased its share of the UK bread market by 22 per cent.
Established in 1886, Hovis is now one of Britain's best-known brands. It reported a surge in sales at the start of the coronavirus pandemic but it is expected to face long-term challenges as consumers slowly move towards a gluten-free diet.
Hovis is currently owned by Premier Foods and The Gores Group, who hold 51 per cent of the shares. The company is based in High Wycombe and employs 2,800 people across its sites. Gores paid £30 million for its stake in 2014, after Premier's financial troubles prompted it to offload a number of its larger brand names.
Hovis is now run by Nish Kankiwala, who is a former executive for Pepsico and Burger King.
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