P&H' and a Truck Load of Debt
Out of the smouldering ruins of the failed P&H some good news. The recent announcement by Bestway that they are relaunching the P&H snack & sweets delivered service will help the thousands of independent retailers across the country who relied on this service. I hope that it is a big success. And today with the news from the administrators Price Waterhouse Coopers (PWC) we now know the extent of the debt left behind by the busted company. Over £700 million owed to creditors. Of which over £250 million is secured with the balance unsecured. In these circumstances it is HMRC who top the list of secured creditors with VAT and PAYEE payments. The unsecured debts from the suppliers of goods and services come bottom of the list and they can expect to salvage very little.
In addtion to the major tobacco comapnies who supported P&H big style to help them stay afloat, there are some famous names who are owed millions. These include Coke CCE, Pepsico/Wallkers and Mondelez. This will be hurting. But even more devastating will be the imapct on the smaller regional suppliers who may struggle to stay in business after writing off their P&H debts.
No doubt this situation is an unholy mess. Do let us know your views on this. Have you managed to secure alternative supplies?
Join in the discussion of this article