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Manufacturer of Hovis, Bisto and Oxo appoints PwC 21 October 2011

Having been a client of the audit giant for several years, Premier has turned to PwC for further assistance to help it stay within agreed banking covenants and assess the viability of negotiating new finance terms.

According to Premier Foods’s accounts to the end of December 2010, the group made a pre-tax loss of £28 million in the prior 12 month period.

It is thought that the group’s net debt will stand at around £970 million with the proceeds from a former subsidiary business.

Additional responsibilities

When contacted by Insolvency News, Premier Foods issued a statement, confirming PwC’s was continuing to work with the group in a new capacity.

It said: “As we previously announced we are currently engaged in a constructive dialogue with our lending banks to reset certain covenants and, potentially, extend the maturity profile of our debt.

“As is normal in situations such as this, we have engaged an accountant to help with this process and PwC was the obvious choice given our retained relationship with them.”

A spokesman for PwC said it would be inappropriate to comment on any of the financial specifics relating to its clients.

By Joe McGrath

 

Related reading:

- Is Premier Foods brown bread? (Source: FT Alphaville)

- Premier Foods' staff magazine (PDF)

 

 

 

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