Witless: P&H28 Sep 2017 16:05
[28 Sep '17 07:06]Britain's biggest tobacco distributor is on the brink of securing the future of its 4,000 workers after two giant cigarette-makers agreed to pump in millions of pounds of emergency funding.
Sky News has learnt that Imperial Brands and Japan Tobacco International (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
The bridge funding provided by the two tobacco giants, which own brands including L&B and Silk Cut, will last for several weeks, allowing Carlyle to undertake due diligence on P&H while it remains solvent, insiders said.
Tesco may agree to sign a further 2 yr supply deal with P&H to help the deal, but it is JTI & IMB. who are owed money, not us.