A rescue bid is being hatched for Palmer & Harvey (P&H), the wholesaler giant that services the multiples, convenience, forecourt and CTN sectors.
Brookfield Business Partners, which has just completed a takeover of the road-fuel supplier Greenergy, has just the bidding war for P&H, according to Sky News. A turnaround division of Carlyle, the private equity giant, has also registered a bid.
P&H, which employs about 4,000 people, is currently attempting to recruit new investors.
As a key supply partner to major UK grocery multiples and the number one delivered wholesaler to the UK convenience market, P&H supplies some 12,000 ambient (including alcohol), chilled and frozen product lines. It also holds direct distribution contracts with major UK manufacturers.
P&H was established in 1925 as a tobacco and sweets wholesaler, and now serves around 90,000 outlets across the country, and uses a fleet of 1,300 vehicles.