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28 November 2017, 18:15 | Updated: 28 November 2017, 18:23
Around 2,500 staff have been made redundant at Palmer & Harvey after the troubled wholesaler collapsed into administration.
The firm has a large base in Hemel Hempstead at Maxted Road.
Matthew Callaghan, joint administrator and PwC partner, said:
"This is a devastating blow for everyone who has been involved in the business.
The administration team will focus on working with employees, clients and suppliers to facilitate a smooth and effective wind-down or transfer of operations over the next few weeks.
The P&H Group has faced a challenging trading environment, and the need for significant restructuring has been recognised for some while.
The company has insufficient cash resources to continue to trade beyond the short term and the directors have concluded that there is no longer any reasonable prospect of a sale.
Therefore, the directors have had no choice but appoint administrators.
The administrators are working closely with employees affected by the closure of the business to ensure they receive the support they need during this difficult time to assist with their claims for redundancy and other compensatory payments.
Our priority is to ensure that all employees made redundant are assisted in processing their claims with immediate effect."