LONDON, Nov 28 (Reuters) - UK cigarette wholesaler Palmer & Harvey has been placed in administration, with accountants PwC appointed to oversee the process, the accounting firm said on Tuesday.
The group has been by hit by challenging trading conditions in recent months and efforts to restructure the business have been unsuccessful, PwC said in a statement. It added that the privately-held company has been unable to secure additional funding to support the business.
PwC said it has been necessary to make about 2,500 of P&H’s 3,400 employees redundant immediately.
Palmer & Harvey could not immediately be reached for comment.
The administrators said they are continuing to explore options for a sale of several P&H entities including P&H Direct Van Sales Ltd, P&H Sweetdirect Ltd and P&H Snacksdirect Ltd. (Reporting by Martinne Geller; editing by Alexander Smith)