REG - Imperial Brands PLC - Statement re Palmer & Harvey <Origin Href="QuoteRef">IMB.L</Origin>

Imperial BrandsAnnouncement

28/11/2017 17:50

RNS Number : 7793X
Imperial Brands PLC
28 November 2017
Imperial Brands statement on Palmer & Harvey
In October 2017 Palmer & Harvey (P&H) entered a period of exclusivity with the Carlyle Group with the intention of securing significant capital investment. We are disappointed to learn thatdespiteImperial'son-going support,the Directors of P&H havetoday appointed administrators.
P&Hhas beena long-standing trading partner in the UK and for several monthsImperialhasbeen workingto find a solution that provides the business, and itsemployees, witha sustainable long-term future.Imperial was prepared to explore further alternatives butotherparties havebeenunwillingto pursue these to a successful conclusion.
We currently estimate that P&H's decision to enteradministrationmayhave a one-offimpactonGroup operating profitinour current financial yearofup to 160 million, the majority of which would relate to exciseduty whichis non-recoverable.
We do not anticipate any significant disruption toour UK operations. Wehavewell-prepared contingency plans which will ensure that the on-going supplytoImperial's retailcustomers remains unaffected.
ENDS
Enquiries:
Peter Durman (Director Investor Relations)
Telephone: +44 (0) 7970 328 903
Matt Sharff (Senior IR Manager)
Telephone: +44 (0) 7964 110 921
Mat Slade (Senior IR Manager)
Telephone: +44 (0) 7811 974 438
Simon Evans (Group Press Officer)
Telephone: +44 (0) 7967 467 684
Copies of our announcements are available on our website: 
www.imperialbrandsplc.com.

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