Mon, 29 Oct 2012 | BUSINESS SALE
A sale could be on the cards for Hovis as Premier Foods is reported to be sounding out the market.
Mounting competition and the soaring cost of wheat have resulted in a plunge in profits for the brand. However, things took a further turn for the worse when news came through that the firm lost a £75 million bread supply contract with the Cooperative to its arch rival Allied Bakeries.
Hovis is not the first brand to be put up for sale by Premier. The group is attempting to offload a number of its divisions in order to tackle its debts, which are in the region of £1 billion. Among the brands already sold off in an attempt to meet this target are Hartley's jams and the meat substitute Quorn range. A pension deficit is also weighing heavy on the company and is in need of reduction.
This month also saw Premier announce plans to increase its cost cutting target from £40 million to £60 million.
Goldman Sachs has been drafted in to discuss the sale with potential buyers, but Premier Foods is firm that it won't sell Hovis unless it receives an attractive price.
It's almost exactly a year since Premier Foods last considered putting Hovis on the market.
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