Premier Foods has sold a 51 per cent stake in the bread brand to tech investment company The Gores Group for £30m. Together the companies plan to invest £45m into Hovis.
Fernando Goni, managing director at The Gores Group, which co-owns the brand with Premier Foods, says the companies will ‘revive the Hovis brand and spearhead re-investment across the bread business.’
He adds that there is ‘significant untapped potential in such a well-loved, household name’.
A spokeswoman for Premier Foods was not able to confirm that there would be any immediate investment in rebranding Hovis.
The investment in the business is designed ‘both to improve the efficiency of its operational infrastructure and to reinvigorate the Hovis brand, building on its strong heritage,’ according to Premier Foods.
The current Hovis look was designed by Jones Knowles Ritchie which introduced a ‘premium brown’ colour palette in 2008. Vibrandt, Williams Murray Hamm and Design Bridge have worked on previous incarnations.