Half of bakery firm sold to US company

The owners of Hovis bakery in Watnall has sold half of the business to an American company.

Premier Foods has sold 51 per cent of the bakery to the Gores Group, an American private equity organisation, and will get a £45m investment into the Hovis brand in return.

Broxtowe MP Anna Soubry described the move as ‘worrying’ but said there would be no redundancies.

“This is obviously worrying but the huge investment is good news. I have been told the money will make an already great bakery even better.

“All current staff are expected to transfer to the joint venture.”