HOVIS which is synonymous with brown bread and has been a name in British households for 134 years has now been sold by joint owners Gores Group and Premier Foods (who own the Mr Kipling brand).
It had originally been wooed by an Italian food company Newlat but when private equity firm Endless started a bidding war, the Italians pulled out although their offer was expected to be in the region of £100 million (€110 million) so Endless were the winners for an undisclosed sum.
Hovis is a favoured consumer bread brand and is supported by its key customers and suppliers. It has seen strong growth in its branded market share and the business is well placed to capture a further share of the UK’s £4 billion (€4.4 billion) overall bakery category.
With headquarters in High Wycombe, the business employs around 2,700 people and operates eight bakery sites, its own flour mill and a distribution network spanning the UK and Northern Ireland.
Explaining the reason for making this purchase, Endless have said that under the current management team, Hovis has seen a significant up-turn in trading in the last four years and will continue to drive its strategy focused on delivering great quality products, customer value and service.
Further investment agreed as part of the deal with Endless will allow the Hovis management team to make significant investment into the business infrastructure, growth of its branded range and other bakery products.
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