Biscuit maker United Biscuits has formally put itself up for sale by sending financial packs to potential buyers.

Premier Foods and RHM are both expected to have asked for the information and first-round bids are thought to be due by the end of this month.

However, United Biscuits’s future will be decided ultimately by Kraft, which has a pre-emptive right to match any bid for the group.

The company is expected to be worth at least £2.3 billion but it has £1.8bn of net debt to contend with.