Skip to content
Search
AI Powered
Latest Stories

Hovis to hold on to increased prices amid rise in costs

Hovis to hold on to increased prices amid rise in costs

Hovis is not going to lower its bread prices this year after raising them by up to 30 per cent in response to a global surge in the cost of wheat, a senior executive of the bread maker has said.

Jon Jenkins, chief executive of the 138-year-old bread maker, told The Times that the group had increased its prices by 15 per cent to 30 per cent after a five or sixfold rise in some commodity prices after Russia’s invasion of Ukraine. Energy and distribution costs also had surged, he said.


Jenkins said that costs had come down from their peak in 2022 and were “relatively stable across the piece”, but he said the company would hold firm on its prices as some increases, such as wage inflation, were “structural” and would continue to affect its costs.

“This financial progress was delivered by new pricing as the exceptional commodity inflation triggered by war in Ukraine was passed through to its customers,” the company said. “Operating improvements and cost savings were also made to drive a step-up in overall efficiency and customer service, critical components of running a national bakery business.”

Hovi became part of Rank Hovis McDougall, which was bought by Premier Foods in 2007. In 2020 it was sold to Endless, a private equity firm that previously had owned Antler luggage and Crown Paints, which valued the brand at between £70 million and £80 million.

The British bread company enjoyed a surge in sales during the pandemic as shoppers stocked up on groceries while spending more time at home, but since then it has been affected by cost pressures compounded by global volatility in wheat, ingredients and utility costs.

Jenkins added that this was “a bounce-back year for Hovis” and it expected its performance to continue to improve over the next 18 months. He said that having got the group on a firmer financial footing, it was investing to boost its profile, with a new £2 million advertising campaign beginning this week.

Hovis is also said to be investing in its supply chain and upgrading its national delivery fleet, while it is expanding a service under which it carries other bakery products to stores on behalf of its supermarket customers.

More for you

A woman enters the Selfridges department store

A woman enters the Selfridges department store on December 13, 2024 in London, England

Photo by Leon Neal/Getty Images

Retail faces mixed fortunes in 2025 amid cost pressures, AI opportunities, and high street revival


The UK retail sector is bracing for a challenging but opportunity-filled 2025, according to Jacqui Baker, head of retail at RSM UK. While the industry grapples with rising costs and heightened crime, advancements in artificial intelligence and a revival of the high street offer potential pathways to growth, she said.

Keep ReadingShow less
unsafe soft drinks seized in Southend

Unsafe soft drinks seized in Southend

Photo: Southend-on-Sea City Council

1,100 unsafe soft drinks seized in Southend safety crackdown

Southend-on-Sea City Council officials have secured food condemnation orders from Chelmsford Magistrates Court, resulting in the seizure and destruction of 1,100 unauthorised soft drinks.

The condemned drinks, including Mountain Dew, 7-UP, Mirinda, and G Fuel energy drinks, were found during routine inspections of food businesses across Southend by the council’s environmental health officers.

Keep ReadingShow less
Charity Super.Mkt at Brent Cross Shopping centre in north London

A customer browses clothes inside Charity Super.Mkt at Brent Cross Shopping centre in north London on, December 17, 2024

Photo by JUSTIN TALLIS/AFP via Getty Images

Brits kindle Christmas spirit with second-hand gifts

Bursting with customers one afternoon the week before Christmas, a second-hand charity shop in London's Marylebone High Street looked even busier than the upscale retailers surrounding it.

One man grabbed two puzzle sets and a giant plush toy as a present for friends, another picked out a notebook for his wife.

Keep ReadingShow less
Nothing is more important than your Mental Elf

Nothing is more important than your Mental Elf

Lancashire Mind’s 11th Mental Elf fun run was its biggest and best yet – a sell-out event with more than 400 people running and walking in aid of the mental charity, plus dozens more volunteering to make the day a huge success.

The winter sun shone on Worden Park in Leyland as families gathered for either a 5K course, a 2K run, or a Challenge Yours’Elf distance which saw many people running 10K with the usual running gear replaced with jazzy elf leggings, tinsel and Christmas hats.

Keep ReadingShow less
A woman walks past a window display promoting an ongoing sale

A woman walks past a window display promoting an ongoing sale, on December 13, 2024 in London, England.

Photo by Leon Neal/Getty Images

Retail sales disappoint before Christmas

UK retail sales rose less than expected in the runup to Christmas, according to official data Friday that deals a fresh blow to government hopes of growing the economy.

Separate figures revealed a temporary reprieve for prime minister Keir Starmer, however, as public borrowing fell sharply in November.

Keep ReadingShow less