The campaign, which is shot in the style of a documentary, is based around Presley's only visit to the UK, when he had a stopover in Glasgow in 1960.
In the spot, Presley, who was famous for his love of deep-fried peanut butter sandwiches, is shown founding the first Kingsmill Bakery during his 60-minute stopover, and the strapline is "By appointment to the King".
It was created by Jonathan Budds and Anita Davis at J Walter Thompson and directed by Martin Granger through Bikini Productions.
Jo Sykes, UK marketing director at Allied Bakeries, said: "Our campaign with Mel and Sue was very successful, but we felt it was time for a change. What better way to raise the profile of Kingsmill than using 'The King' himself. We have always used tongue-in-cheek humour in our ads, and we hope that this new ad brings a smile to the faces of the great British public."
Allied Bakeries handed its advertising account to J Walter Thompson in March after a four-way pitch that included incumbent Publicis. The Kingsmill brand had a long-running campaign starring the comedy duo Mel Giedroyc and Sue Perkins.
The company has also appointed PR agency Cake to work on a project promoting the new advertising campaign to the mainstream media.
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