Premier slims down with Quorn sale

Premier slims down with Quorn sale

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Hovis manufacturer Premier Foods has sold its meat-free brands Quorn and Cauldron to two private equity firms for £205 million

Premier Foods has sold its meat-free brands Quorn and Cauldron to a private equity consortium for £205 million.

Exponent Private Equity and Intermediate Capital Group bought the meat-free division, which has three manufacturing sites in the UK and employs nearly 595 staff, ending months of speculation over the group’s plans for the two brands.

Premier, which produces Hovis bread and Mr Kipling cakes, has been weighing up its options as it looks to alleviate a £1.4 billion debt pile built up following an acquisition spree that included Hovis owner RHM and Campbell’s Soup in the UK and Ireland.

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