Sweet treat PANIC: Mr Kipling owner ‘might SELL the much-loved cake and pie brand’

Premier Foods, which also owns Angel Delight, Bisto Gravy, OXO stock cubes and Smash mashed potato, is thought to have unveiled plans to review options for its business after coming under pressure from shareholders. Ditching Mr Kipling is reportedly one of the options being considered by the group, with the much-loved cakes, pies and baked goods expected to fetch substantial attention from rivals food brands should Premier Foods decide to sell up. The Times reports how Premier Foods is under pressure to review its business from Paulson and Oasis, two of its largest shareholders which own around 20 percent of shares between them, following a drop in the share price. It comes after former boss Gavin Darby left the business in January.

No formal decision is believed to have been made on a sale, while no buyer is said to have been lined up.

Premier Foods has been contacted for comment by Express.co.uk.

Created in 1967 and known for its “exceeding good cakes” advertising slogan, Mr Kipling is famous for its delicious range of treats ranging from angel slices to apple pies and bakewell tarts.

Just days ago, it was reported how a relaunch of Mr Kipling helped Premier Foods report higher annual profit.

Premier Foods enjoyed a 12 percent rise in revenue after Mr Kipling was revamped with new packaging and design combined with higher marketing spends.

Adjusted profit before tax rose to £88million for the year ended March 30.

Revenue rose marginally to £824million.

Premier Foods said it would spend more money this year on marketing, slowing its progress in the first half of the current financial year.

The company has also been cutting costs as part of a two-year plan launched in 2017 by laying off people and streamlining its warehousing and distribution network.

It expected to save £10million from manufacturing and logistics operations overall.

Premier Foods, based in St Albans, Hertfordshire, was founded in 1975 as Hillsdown Holdings.

Its large range of brands also includes Ambrosia rice, Homepride, Loyd Grossman and Cadbury puddings and cakes.

It now has a market value of just over £300million.