Premier tumbles after sell note

Shares in Branston Pickle-to-Oxo stock cube firm Premier Foods hit a record low today amid fears over the firm’s debts and soaring wheat costs.

The Hovis bread maker slumped 18% – wiping more than £150m (€201m) off the value of the company – after stockbroker Shore Capital advised clients to sell the stock.

Shore raised concerns over Premier’s £1.75bn (€2.4bn) debt burden, an £89m (€120m) pension deficit and record high wheat prices adding to cost pressures.