Shares in Premier Foods were up on the FTSE 250 in morning trading after the group confirmed that it had received bids for the takeover of its meat free business, including Quorn.

The group was quick to point out however that while it was open minded about disposals, they would have to deliver shareholder value and accelerate the reduction of average net debt/EBITDA.

Premier Foods said that there was no guarantee that the sale of its meat free business would go ahead and added that an announcement on the subject would be made "as and when appropriate".

By 10:05 shares in Premier Foods were up 6.82 per cent on the FTSE 250 to 18.00 pence per share.