IN BRIEF: AB Foods completes purchase of Hovis to form Hovis Bakeries
Associated British Foods PLC - London-based food and ingredients producer and clothing retailer - Completes the purchase of Hovis Group Ltd from private equity firm Endless LLP, planning to integrate the bread maker with its own Allied Bakeries division to form a new business to be named Hovis Bakeries. The enlarged operation will combine the Hovis bread brand with Allied Bakeries' Kingsmill, Allinson's and Sunblest brands. It also will make own-label bakery ranges for major UK supermarkets. The acquisition of Hovis, for which no financial details have been disclosed, was cleared by the UK Competition & Markets Authority last month, with the regulator citing declining demand and higher costs for UK bread suppliers. "The completion of this transaction is a significant step towards the delivery of a profitable UK bread business," says AB Food Chief Executive George Weston. Read More