UK’s biggest tobacco distributor called in administrators and ceased deliveries on Tuesday,making 2500 people redundantPalmer & Harvey directors, former directors and other shareholders extracted about 70m in cash from the grocery wholesaler over the past nine years despite ongoing losses.
The company, and where 2500 people were made redundant earlier this week and a further 900 jobs are at risk,had been owned by dozens of private individuals via a complex web of fairness and loans. The company supplied 90000 stores including 50000 independents that are now struggling to secure stocks of tobacco and groceries at one of the busiest times of the year.
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Source: guardian.co.uk