Jurisdiction(s):
United Kingdom

CMA ABF/Hovis phase 2: Northern Ireland concerns; no SLC in Great Britain; TTBEO confirmed; updated NSI Act MoU; Subsidy Advice Unit referral—UK competition update 26 March 2026

Published on: 26 March 2026

Published by a LexisNexis Competition expert

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Article summary

Mergers CMA issues interim report in ABF/Hovis merger in phase 2 investigation; provisionally finds competition concerns in supply of bread and certain bakery products in Northern Ireland, but not in Great Britain

The CMA has released its interim report and interim notice for its phase 2 inquiry into the proposed purchase of Hovis Group Limited (Hovis) by Associated British Foods plc (ABF), to be effected through ABF Grain Products Limited. ABF, a London-headquartered, international group spanning food, ingredients and retail, operates across five divisions, including grocery and retail. Via its UK bakery arm, Allied Bakeries (AB), it makes and supplies both branded and own-label bread and bakery goods, with brands such as Kingsmill, Allison’s and Sunblest. Hovis produces and distributes branded and private label bread and other bakery products, chiefly under the Hovis and Mothers Pride names. Since 2020, it has been owned by Endless, a UK-based private equity firm. On 8 January 2026, the CMA sent the deal to an in-depth phase 2 assessment using the statutory fast-track route. The CMA accepted the parties’ position that AB has recorded losses in recent years and examined whether the exiting firm test should apply...

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