Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Premier Foods plc (PFD)

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Tuesday 20 November, 2012

Premier Foods plc

Further Step to Build Value in Bread

RNS Number : 5290R
Premier Foods plc
20 November 2012

20 November 2012

Premier Foods plc ("the Company")




Premier Foods today announces a further step to build value in its Bread business and drive sustainable profitable growth through simplifying its manufacturing and distribution operations to improve efficiency, quality and service levels, so enhancing the performance of the Hovis brand.


Proposals have been developed to close two bakery sites in Greenford and Birmingham during the course of 2013, in addition to the previously announced closure of the Eastleigh bakery, and to consolidate production from these locations into the Company's remaining bread manufacturing sites. In addition, it is proposed to simplify the bread distribution network by removing approximately 130 distribution routes, taking into account the reduction in volumes from the previously announced loss of a low margin bread contract by mid 20131. As a consequence, the Company is proposing to close distribution operations in Greenford, Birmingham, Mendlesham and Plymouth. It is also proposed to restructure the Company's outsourced logistics operations to optimise the new network. Together, these proposals are expected to result in approximately 900 fewer jobs across the Company's Bread Division.


Commenting on the proposals, Michael Clarke, Chief Executive Officer of Premier Foods said:


"Having generated solid growth momentum in our Grocery Division, it is critical that we act to assure the long-term future of the Bread Division. By simplifying our cost base, we can increase focus on improving efficiency, quality and service levels to help grow our core Hovis business. We recognise the impact these actions will have for our employees at the sites affected. Decisions will not be taken lightly but they are necessary if we are to build a strong and successful future for the Bread Division and those who remain with our business".


Appropriate consultations with employees affected by the proposals and their representatives will commence in the coming days.


Charges associated with these proposals are expected to be approximately £28 million and will be reflected in the Company's 2012 and 2013 financial statements, with the majority of the cash outflows to implement the proposed changes taking place in 2013. The Company expects to recover the majority of the cash impact of the proposed changes in future periods through realising site disposals, reduced working capital requirements and lower capital expenditure. On a pro forma basis, the savings from the proposed restructuring are expected to offset the margin forgone from the lost bread contract. These proposals are not expected to have an impact on 2012 Trading profit.


< ends >


For further information please contact:


Premier Foods plc

Lisa Attenborough, Director of Communications                                        +44 (0) 1727 815 850

Richard Godden, Head of Investor Relations                                             +44 (0) 1727 815 850


Maitland                                                                                              +44 (0) 20 7379 5151

Tom Buchanan/Brian Hudspith    


Notes to editors


1.   As part of its Interim Management Statement for the three months ending 30 September, announced on 23 October 2012, the Company stated that following a business review, and consistent with its approach to improving sustainable profitability in Bread, it would be unable to renew a Bread contract it holds with a retail customer. The contract loss accounts for approximately £75 million of annual sales, has very low margins, is costly to service and will not affect 2012 performance.


This information is provided by RNS
The company news service from the London Stock Exchange