It might appear an exceedingly desperate measure but Premier Foods is considering selling off some of its most famous brands, including Mr Kipling cakes, as it tries to cut its debt and battle a falling share price.

The plan could put Sharwoods sauces, Branston pickles and Quorn on the block and is one of two options being considered. Premier’s stock price hit an all-time low of 29.75p on Friday, down 15 per cent on the day. The sale of such brands would be a bitter blow for a company that has built itself by acquiring famous if tired UK food names, trading on a nostalgia for once great popular brands such as Hovis bread, Oxo stock cubes and Ambrosia desserts.