Financial support for Palmer and Harvey

Troubled Palmer and Harvey has entered into an arrangement with financier The Carlyle Group with the aim of securing significant capital investment.

The terms of the potential transaction will include Carlyle taking control of the equity of Palmer and Harvey McLane (Holdings).

The deal, subject to ongoing due diligence, follows a period during which PriceWaterhouseCoopers has been acting as P&H’s financial adviser to explore all strategic options.

A statement from P&H and Carlyle  says: “Further announcements will be made as and when appropriate in due course.”

A spokesman for P&H said that the company “looks forward to securing this potential transaction, which will provide a strong financial platform from which to build upon our 90 years of experience in the wholesale industry, our strong customer relationships and unrivalled scale to take full advantage of the many opportunities across our markets.”

The Hove-based wholesaler, with an annual turnover of more than £4 billion and over 4,000 staff, serves grocery multiples, convenience stores, forecourts and CTNs. It operates 13 regional depots, utilising more than 1,000 vehicles to deliver ambient, chilled and frozen products to every post code in the UK.

Tel: Palmer & Harvey (01273) 222100