‘Efforts to restructure the business have been unsuccessful’
One of the UK’s largest tobacco supplier, Palmer and Harvey (P&H), has gone into administration following failed rescue talks.
Administrators at PwC have said that 2,500 jobs will be lost with immediate effect. Around 900 more jobs are still at risk of redundancy.
The wholesaler, which supplies 90,000 shops across the country, said that it had been hit by “challenging trading conditions and efforts to restructure the business have been unsuccessful.”
The firm had been in takeover talks with private equity firm Carlyle, but these fell through.
Palmer and Harvey is the UK’s fifth biggest privately-owned firm and delivers more than 12,000 products, including food and alcohol.