Premier Foods to cut 600 Jobs
17 January 2012
Premier Foods will be selling-off non-core businesses in an attempt to double cost savings to £40million a year, which will lead to about 600 job cuts.
These losses account for 5% of the company’s 12,000 strong workforce. Premier Foods, which owns brands including Paxo and Mr Kipling, expects 2011’s financial results to be at the “lower end” of market expectations.
New CEO Michael Clarke is focusing the group on its biggest brands.
He told the BBC: “Discussions with the company's banks over a re-financing package continue to make progress and it is anticipated that an appropriate agreement will be reached soon.
“While decisions to reduce the workforce are always difficult, I am convinced we are taking the right steps in the long-term interests of the businesses.”
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