Rumours of Palmer & Harvey takeover and departures

Palmer & Harvey’s executive deputy chairman Chris Etherington (pictured) is one of several senior executives who are believed to have left the delivered wholesaler. Another is finance director Jon Moxon.

There are also whispers that Sainsbury has made a takeover bid for the Hove-based business.

The company declined to make any comment on the personnel or corporate rumours.

These developments follow the appointment last year of ex-Tesco executive Tony Reed as P&H chief executive, replacing Etherington in that position.

At the same time, Etherington stepped down from his role as chairman to become deputy chairman, with Richard Grainger becoming non-executive chairman.

P&H, the leading UK delivered wholesaler, with annual sales of £4.5 billion, has come under close scrutiny in recent months after securing a refinancing deal.

There has also also been speculation regarding its ties with tobacco suppliers Imperial and JTI.

Two months ago (Cash & Carry Management: April) it was announced that The BuyCo joint venture between P&H and Costcutter has been discontinued. More positively, P&H has extended by three years its 23-year distribution link with Tesco.

Tel: Palmer & Harvey (01273) 222100