5 May 2008 - As a move to reduce debts, Premier Foods is understood to have put its French bakery business Sofrapain up for sale.
Stamford Partners, a food-industry specialist investment bank, is handling the sale, add UK financial media reports.
The news comes 2 months after Premier cut its final dividend and negotiated a revision to its banking covenants and banking facilities. At the end of last year, Premier’s debts stood at GBP 1.6 billion, said the media.
Established in 1969, Sofrapain (société française de panification industrielle) was acquired by Rank Hovis Mac Dougall (RHM) in 1974. RHM was then bought by Premier Foods last year for GBP 1.23 billion.