Premier’s plan needs shareholder backing

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The company's future is clouded by the need to sign a deal in the next 10 weeks to refinance its £1.78 billion debt pile.

Reports have indicated Premier is aiming to launch a simultaneous placing of new shares to raise money from private equity investors and a rights issue to tap its existing shareholder base.

Chief executive Robert Schofield refused to comment on how much he hopes to raise or via what structure, but indicated the company's existing shareholders have made their feelings known about the arrival of new investors diluting their holdings.

"We are very cognisant of the rights of our existing shareholders and that it is they who have to authorise any new structure," he said.

The debt worries overshadowed a 10% rise in volume sales of Hovis and an 11% sales increase in the groceries business.