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

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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%.


 

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