Walker Morris supports Endless and Hovis achieve CMA clearance for ABF’s acquisition of Hovis
17th June 2026
Walker Morris has advised Endless and Hovis on the investigation by the UK’s Competition and Markets Authority (CMA) into Hovis’ proposed acquisition by Associated British Foods plc (ABF).
Hovis is a leading UK bakery brand owned by Endless LLP and ABF’s Allied Bakeries business produces brands including Kingsmill, Allinson’s and Sunblest.
Following a detailed Phase 2 investigation into the likely effect of the deal on competition in the UK bakery sector, the CMA confirmed on 16 June 2026 that it had cleared the transaction unconditionally.
In reaching its decision, the CMA found that Allied Bakeries would likely have exited the market in the absence of the transaction, reflecting sustained financial losses and broader structural challenges across the UK bakery sector, including declining demand and rising input costs. The regulator therefore concluded that the merger may not be expected to result in a substantial lessening of competition in the supply of bread and certain other bakery products in Great Britain and Northern Ireland.
Sarah Ward (Partner, Competition and Foreign Investment) led the Walker Morris team advising Endless and Hovis on the CMA’s investigation, with support from Liz Turner, Della Heptinstall, Hamza Khan and Alicia Moyo.
The team worked alongside Freshfields to support the client throughout the CMA’s investigation. Partner and Head of Private Equity, Debbie Jackson, is leading the Walker Morris on the wider transaction.
Sarah Ward commented: “We’re proud to have supported Endless and Hovis in achieving a successful outcome following a rigorous Phase 2 CMA investigation. This clearance is a significant milestone in the transaction and reflects the strength of the evidence demonstrating the structural challenges facing the UK bakery sector.”
