Bright Food Group has denied it is in talks to buy Weetabix for £1bn.

According to press reports, the cereal group’s private equity owner, Lion Capital, has already held discussions over a sale.

But Bright denied it was interesting in acquiring Weetabix, which generates annual sales of more than £420m.

The news marks a return to the headlines for Bright, which last year lost out to General Mills for a stake in French yogurt giant Yoplait. A £2bn bid to buy United Biscuits collapsed in 2010.

Bright is one of China’s largest food producers and is backed by the Shanghai authorities.