LONDON (dpa-AFX) - Premier Foods plc (PFD.L) said it agreed to the disposal of its interest in Hovis Holdings Ltd. to Endless LLP. The deal was closed and completed on November 5, 2020. The proceeds of £37 million due to the company encompass the repayment of outstanding loan notes and accrued interest.
Since April 2014, the company along with its joint venture partner, The Gores Group LLC, has held a 49% minority interest in Hovis. Under Gores and Premier Foods' ownership, Hovis has undergone major supply chain restructuring.
Hovis, which now focuses on bread baking following the disposal of its milling business, is commercially well positioned to grow under new ownership, the company said.
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