Premier Foods has agreed to sell the Branston brand to Mizkan, a Japanese company for £93 million as the business seeks to reduce debts of over £1 billion.

The Branston deal comes after a previous deal to Mizkan in July which saw the sale of the Sarson’s and Haywards brands for £41 million.

The completion of the deal will have seen £370 million raised since March to reduce the company’s overall debt.