Tuesday, 28 November 2017

The wholesaler Palmer & Harvey enters administration leaving 2,500 already out of work

The wholesaler Palmer & Harvey (P&H) has entered administration after the failure of rescue talks, leaving 2,500 people out of work just weeks before Christmas.
Sky News had reported earlier on Tuesday how the company - Britain's biggest tobacco supplier - was on the verge of collapse amid a funding crisis and fading hopes of a buyout by private equity firm Carlyle.
Joint administrators at the business services firm PwC said the firm employed 3,400 people but they had needed to make immediate redundancies at its head office and in the branch network of 14 regional distribution centres.

They confirmed just 450 people were being kept on at this time to assist in managing the activities of the business to an orderly closure, adding that November's salaries had been paid.

The demise of P&H, while devastating for workers, also risks disruption in supplies to UK stores and restaurants.

SKY     News.