Palmer & Harvey has brought in an expert to oversee a huge restructure of the business amid industry concerns over the wholesaler’s future.
According to Sky News, Andy Leeser, who has worked on complex turnarounds at companies including gym chain LA Fitness, has been installed as P&H’s chief restructuring officer.
The move follows tobacco giants JTI and Imperial Tobacco entering into talks with P&H to give it a cash injection.
The pair are looking at investing in the wholesaler in return for an equity stake in the company. P&H confirmed that as part of its current round of refinancing it was “in constructive discussions with our lenders and stakeholders”.
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