Two-thirds of the new shares in UK food group Premier Foods have been taken up, the company said today (20 March).

Premier, owner of brands including Hovis bread and Mr Kipling cakes, is looking to raise GBP379m (US$551m) to help pay down GBP1.8bn of debt.

The company said around 66.05% of the new shares offered in the business have received subscriptions.

The remaining third of shares have been allocated to investors with whom the stock had been conditionally placed. As a consequence, private equity group Warburg Pincus has upped its shareholding in Premier, taking its stake to 13.75%.