NATIONAL: Wholesaler P&H goes into administration

WHOLESALER Palmer & Harvey (P&H) has gone into administration, with 2,500 jobs lost with immediate affect.
Palmer and Harvey, which has a warehouse on Barnes Wallis Road in Fareham, has gone into administration.Palmer and Harvey, which has a warehouse on Barnes Wallis Road in Fareham, has gone into administration.
Palmer and Harvey, which has a warehouse on Barnes Wallis Road in Fareham, has gone into administration.

Another 1,500 additional jobs could be at risk following failed attempts to secure a lifeline for the troubled company, according to reports.

Professional services firm PwC will tackle the administration process, according to Sky News, despite P&H, which has a warehouse on Barnes Wallis Road in Fareham, revealing in October that it had entered exclusive takeover talks with the Carlyle Group.

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P&H, the UK’s biggest supplier of cigarettes, employs 4,000 people and provides alcohol, groceries and frozen food to 90,000 retail accounts, including Tesco.

Matthew Callaghan, joint administrator and PwC partner, said: ‘This is a devastating blow for everyone who has been involved in the business.

‘The administration team will focus on working with employees, clients and suppliers to facilitate a smooth and effective wind-down or transfer of operations over the next few weeks.

‘The P&H Group has faced a challenging trading environment, and the need for significant restructuring has been recognised for some while.

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‘The company has insufficient cash resources to continue to trade beyond the short term and the directors have concluded that there is no longer any reasonable prospect of a sale.

‘Therefore, the directors have had no choice but appoint administrators.’

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