Fri, 28 Jan 2022 | ADMINISTRATION
Bolton-based pharmaceutical firm M&A Pharmachem has fallen into administration after an attempt to sell the business failed. Following their appointment as joint administrators, David Acland and Anthony Collier of FRP Advisory are now seeking buyers for M&A Pharmachem’s assets, which include stock, property and intellectual property.
The business, which was founded 44 years ago, specialised in the manufacture and sale of paracetamol, opiate medicines and medical devices for use in the global healthcare sector. It was initially marketed for sale by its directors as they sought urgent investment to enable the firm to carry on trading as a going concern.
However, a sale could not be completed and, combined with the financial challenges that the company faced, this led to the appointment of FRP Advisory as administrators and the ceasing of operations.
Joint administrator and FRP partner Anthony Collier said: "M&A Pharmachem was a significant employer in the local area. Without urgent investment, the business was unable to continue and has since closed. We’re working with all staff to support them through this difficult time and will help impacted staff in their claims."
In its most recent accounts at Companies House, for the year ending January 31 2021, M&A Pharmachem reported a fall in turnover from £15.5 million the previous year to £3 million, while the firm’s pre-tax losses grew from £3 million to £6 million over the same period.
At the time, the business’ fixed assets were valued at £10.6 million, with £4.7 million in current assets. Creditors within one year were owed £10.8 million, with the company’s total assets less current liabilities standing at £4.4 million.
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