date:Jan 28, 2014
Hovis owner Premier Foods, has struck a deal to bring in private equity company the Gores Group in a bid to help reinvigorate its struggling bread division.
The US firm has paid 30 million for a 51% stake in the British bread unit, which will now be run as a joint venture called Hovis Limited.
The two companies will jointly invest 45 million to reinvigorate the Hovis brand, building on its strong heritage.
Premier said the new set-up would mean a increase in investment in the bread business,