Palmer & Harvey paid out £70m since 2008 despite ongoing losses

UK’s biggest tobacco distributor called in administrators and ceased deliveries on Tuesday, making 2,500 people redundantPalmer & Harvey directors, former directors and other shareholders extracted about £70m in cash from the grocery wholesaler over the past nine years despite ongoing losses.The company, where 2,500 people were made redundant earlier this week and a further 900 jobs are at risk, had been owned by dozens of private individuals via a complex web of equity and loans