Wed, 08 Jul 2015 | ADMINISTRATION
Cosmetic surgery company Transform Medical Group has been bought out of administration by a German-listed investment group.
Transform is based in Manchester and entered administration on 30 June this year. Martin Armstrong and James Patchett from Turpin Baker Armstrong were appointed as joint administrators of the company and its 26 clinics and two hospitals in the UK.
The firm suffered a fair amount of bad press after the 2012 scandal over faulty breast implants, but at the moment it is unclear if the collapse was related to this.
The administrators have now overseen the sale of the business to investment group Aurelius Group; a company rumoured by Sky News reports to have shown interest in a takeover of Transform back in November 2014 through a potential pre-pack administration.
A spokesman for Transform commented on the sale to Insider Media: “This change of ownership will result in a financial restructuring of the business.
"Transform remains committed to its patients and these changes will see the new legal entity TFHC Ltd, which trades as Transform, honour all existing aftercare commitments, extended warranties and ensure deposit protection.”
Transform was previously majority-owned by Candlewick, a joint venture between private equity firm TPG and an arm of Goldman Sachs.
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