Premier Foods has confirmed that it is seeking ways to reduce its massive debt burden, amid mounting speculation that the manufacturer could turn to the private equity sector for assistance.

The food manufacturer, whose brands include Hovis, Oxo and Mr Kipling, revealed in August that its debt has escalated to £1.8bn.

Premier has seen its share price fall by 75% over the past year and is now understood to be in talks with a number of private equity groups about an injection of funds, although the company said today that no deal was imminent.
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