Mr Kipling group valued at £958m ahead of float

British food producer RHM was valued at £958m (€1.4bn) today as the City clamoured for a slice of the maker of Hovis bread, Paxo stuffing and Mr Kipling cakes.

Investors ordered more than six times as many shares as were on offer in RHM, formerly known as Rank Hovis McDougall, ahead of the start of conditional dealings this morning.