Premier foods in financial trouble

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Premier Foods saw its shares fall by 54 percent in the last few days and it is clear that the food giant is clearly struggling in the face of the current financial crisis, which means that some of Britain’s most recognizable kitchen brands could also be lost.
The likes of Branston pickles and Hovis bread, Bird’s custard and Oxo gravy could all be jeopardy as the economic slowdown has meant that many hard hit shoppers are now turning away from their favourite brands in a bid to reduce the cost of the ever increasing weakly shop.
With shopper turning to supermarket own-label goods Premier foods has really found it difficult to pay back bank loans, meaning that the company was forced to release a statement to the stock exchange.
Within the announcement the Mr Kipling maker said that the company was able to meet its financial commitments through to their year end in December, although they are not planning to raise further funds through a rights issue.