Imperial Brands statement on Palmer & Harvey
In October 2017 Palmer & Harvey (P&H) entered a period of exclusivity with the Carlyle Group with the intention of securing significant capital investment. We are disappointed to learn that despite Imperial's on-going support, the Directors of P&H have today appointed administrators.
P&H has been a long-standing trading partner in the UK and for several months Imperial has been working to find a solution that provides the business, and its employees, with a sustainable long-term future. Imperial was prepared to explore further alternatives but other parties have been unwilling to pursue these to a successful conclusion.
We currently estimate that P&H's decision to enter administration may have a one-off impact on Group operating profit in our current financial year of up to £160 million, the majority of which would relate to excise duty which is non-recoverable.
We do not anticipate any significant disruption to our UK operations. We have well-prepared contingency plans which will ensure that the on-going supply to Imperial's retail customers remains unaffected.
ENDS
Enquiries:
Peter Durman (Director Investor Relations)
Telephone: +44 (0) 7970 328 903
Matt Sharff (Senior IR Manager)
Telephone: +44 (0) 7964 110 921
Mat Slade (Senior IR Manager)
Telephone: +44 (0) 7811 974 438
Simon Evans (Group Press Officer)
Telephone: +44 (0) 7967 467 684
Copies of our announcements are available on our website:
www.imperialbrandsplc.com.
