Glasgow operation forms part of sale of historic bakery brand Hovis

Hovis, the historic bakery brand with a Scottish base in Glasgow, has changed hands after a significant turnaround over the past four years.

The 134-year-old Hovis business has been bought by UK private equity firm Endless LLP from joint venture owners Gores Group and Premier Foods, the food giant behind Mr Kipling, for an undisclosed sum. Picture: Chris Young/PA

The 134-year-old business has been bought by UK private equity firm Endless LLP from joint venture owners Gores Group and Premier Foods, the food giant behind Mr Kipling, for an undisclosed sum. Premier Foods said it will receive £37 million in proceeds from the deal.

Endless, which has previously owned The West Cornwall Pasty Company, said it will pump “significant investment” into Hovis to help its current management achieve their future plans.

It comes after a major turnaround at Hovis, which sold the majority of its milling business in 2018 to focus on baking operations. The company employs some 2,700 people.

Hovis was put up for sales by majority owner Gores earlier this year and was subject to a bidding war until Italian food group Newlat pulled out of the running earlier this week.

Nish Kankiwala, chief executive of Hovis, said: “Based on our extensive engagement with Endless over the past several months, it became clear that both parties share a commitment to customers and colleagues and for building on Hovis’s heritage by investing in growing both the brand and product range.

“This shared vision makes Endless the best shareholder to support our ambitious plans. The acquisition will help drive our strategy for growth by bringing both strategic and operational value to Hovis.”

Francesco Santinon, partner at Endless, added: “Hovis is the instantly recognisable British bread brand with a strong and established heritage.

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