When private equity firm TPG pulled out of the rescue financing for UK mortgage lender Bradford & Bingley last July, it left the company’s shareholders, brokers and ultimately the Government to pick up the pieces.

So it was a brave move by UK food producer Premier Foods this month to agree to bring US private equity firm Warburg Pincus on board as part of its capital restructuring. However, the company had little choice when it became clear that it would struggle to raise the £379m (€412m) it needed in the public markets.