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Trade News Archive 2009 January
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30th January 2009
HE Richards into receivership
Wholesale tobacco and smoking paraphernalia supplier HE Richards has fallen into receivership, appointing financial services company KPMG as administrator.
The wholesaler, situated on the Hills Meadow Industrial Estate of Douglas, Isle of Man, employed a total of 28 staff in full and part-time positions.
According to the Isle of Man Today, KPMG's Mike Fayle said that the firm is up for sale and that there have already been expressions of interest.
He added that workers were sent home but had not yet formally been made redundant.
"Representatives from department of trade and industry, department of health and social security and Job Centre all attended the company today and were around to offer advice and assistance to staff," Mr Fayle explained to the paper.
The company has struggled since a dispute earlier this month with cigarette manufacturer Imperial Tobacco lead to severe disruptions in the wholesale stock supply being provided to local retailers on the island.
Following this, Brewers Heron and Bearly were appointed as the chief wholesale suppliers of Imperial cigarettes to the Isle of Man.
(c) 2009
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