UK food and beverage company Premier Foods has sidelined a string of usual advisers and called in Icelandic bank, Islandsbanki, for the sale of its tea business which includes Typhoo, London Fruit & Herb and Lift. It is the first M&A mandate Premier has handed to Islandsbanki.

Merrill Lynch and ABN Amro Hoare Govett have been brokers to Premier Foods since it floated in July last year. Premier Foods' IPO was arranged by ABN Amro Rothschild, JP Morgan and Merrill Lynch.