The likes of Branston pickles and Hovis bread, Bird's custard and Oxo gravy could all be jeopardy as the economic slowdown has meant that many hard hit shoppers are now turning away from their favourite brands in a bid to reduce the cost of the ever increasing weakly shop.

With shopper turning to supermarket own-label goods Premier foods has really found it difficult to pay back bank loans, meaning that the company was forced to release a statement to the stock exchange.

Within the announcement the Mr Kipling maker said that the company was able to meet its financial commitments through to their year end in December, although they are not planning to raise further funds through a rights issue.

Premier foods have indicated that their finances are not actually in immediate danger however they do face difficulty in reducing the £1.8 million that they owe.