Administrators at snacks giant Golden Wonder were drawing up a shortlist of offers for the business as Food Manufacture went to press. Premier Foods and a team led by former chief executives Paul Monk and Clive Sharpe were reported to be among over 60 potential bidders.

But Panmure Gordon analyst Justin Scarborough said: "I think they are barking mad. The business lost £10.8m on sales of £88m in 2004 and God knows what it lost in 2005. It's got weak brands and Walkers is screwing it left, right and centre."