The list of creditors is a who’s who of the manufacturing sector, with companies such as Coca-Cola European Partners (CCEP), Mondelēz UK, Walkers, Ginsters, McCain, Birds Eye, Heinz, Kerry Foods, Arla Foods, Bernard Matthews, Young’s Seafood, Unilever and Mars, to name a few.
The report reveals staggering losses for large international manufacturers. CCEP is owed £17.4M, Walkers Snacks £6.6M, Mondelēz UK £4.2M, Unilever £2M, Arla Foods £2.3M and Red Bull £3.5M.
However, it was not just the large manufacturers caught in the fall-out as smaller regional companies made the creditors’ list as well.
Overall, Palmer & Harvey owed more than £700M to its creditors. Total debts included outstanding monies, as well as goods received and not invoiced.
The results revealed that unsecured trade creditors are owed £453.7M and are thought unlikely to receive any money. Secured creditors are owed £254M and it is thought unlikely they will receive the full amount owed.
The troubled wholesaler to the grocery and convenience store sector went into administration on November 28, with the immediate loss of about 2,500 jobs. According to reports, restructuring talks with private equity firm Carlyle to save the business had failed.
In December 2017, PWC told Food Manufacture it would pledge to help suppliers in the wake of the collapse.
Palmer & Harvey, which was also the nation’s biggest tobacco supplier, delivered goods to 90,000 grocery and convenience stores. Its range included more than 12,000 products including food and both soft and alcoholic drinks.