Northern Foods is understood to have been in talks with several financial advisers regarding the sale of some of its bakery businesses. The company, which manufactures supermarket branded goods including Fox's biscuits, Goodfellas pizzas and owns the meat pie makers Holland's, is under pressure after receiving two profit warnings this year due to a drop in biscuit and pie sales. Norhern's debts are believed to be around £400m with a pension fund deficit of £100m. Analysts also predict that the full-year dividend will be cut from 9.05p to 5.88p. Northern is currently in the process of selling NFT, its logistics arm, to Pheonix Equity Partners.