JTI and Imperial pledge more funding to assist P&H takeover

Imperial Tobacco and JTI have pledged to provide financial support to Palmer & Harvey (P&H) in order to enable it to conclude a takeover by Carlyle, the buyout firm, reports Sky News.

According to the news announcement, the bridge funding provided by the two tobacco giants will allow Carlyle to undertake due diligence on P&H while it remains solvent. The funds have been offered in addition to roughly £60 million in earlier loans made by Imperial and JTI to P&H.

For the full news story, see https://news.sky.com/story/tesco-supplier-ph-nears-rescue-as-tobacco-giants-stump-up-funds-11057206

Meanwhile, P&H has confirmed to Cash & Carry Management that its former commercial finance director Steve Watson has left the business. His departure follows the news that ex commercial director of P&H, Darren Goldney, has been appointed the new managing director of Today’s Group.

Tel: Palmer and Harvey (01273) 222100