Premier Foods (LON:PFD) announced on Friday that it is no longer putting up its Ambrosia business for sale.

The company said that whilst ‘a number of parties had expressed interest’, the board concluded that ‘the present business climate the process will not result in a satisfactory financial outcome’.

Its Ambrosia business produces dried milk for infants as well as custard and rice pudding.

Premier Foods is a food manufacturer. Alongside Ambrosia, its brands include Mr Kipling, Ambrosia, Angel Delight, Homepride, as well as Sharwood’s and Lloyd Grossman sauces.

Last month, the company reported a 2.2% fall in sales across the Christmas period.

At the time of the results, Gavin Darby, Premier Foods Chief Executive commented:

“We faced into two sets of challenges in the quarter – lower International sales and our logistics programme, which as expected, affected cake sales volumes early in the quarter,”

“As we look to the fourth quarter, we expect to see a good performance from branded sweet treats, we have a good innovation plan lined up and our

Darby departed the role as CEO at the end of January. The company confirmed that Darby would receive at least £1 million as part of the exit.

Premier Foods shares are currently -3.64% as of 12:37PM (GMT).