Pharmaceutical company assigns administrators following its lack of funding

Wed, 13 Jun 2018 | ADMINISTRATION

Pharmaceutical manufacturing business Purogenix Ltd and Purogenix Holdings Ltd has been placed in administration, having “[run] out of cash before fully establishing itself.”

KPMG’s Restructuring division appointed Steve Absolom and Rob Croxen as the joint administrators, and are now on the hunt for buyers for Purogenix’s business or assets.

The Kent-based company, which creates the Amoxicillin antibiotic using a biogeneric manufacturing process, stopped its trading operations at the end of last year as a result of running out of necessary funds. It had since been searching for investors to provide the company with financial support, but was unsuccessful in acquiring any investment.

The business is located in a 129,000 square feet freehold facility in Sandwich, Kent.

Purogenix Ltd employed 45 members of staff prior to going into administration, and have retained a select few to assist the KPMG administration team with the sales process.

Steve Absolom said: “Purogenix Ltd is a relatively young business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself.

“This is a very interesting and innovative business – manufacturing Amoxicillin using cost-effective and environmentally friendly technology. The administration team would be very interested in hearing from anyone who may be interested in this business, or its assets and facility in Kent.”


Share this article



Latest Businesses for Sale

Day Spa
Manchester, UK Wide

A very reputable, award winning, day spa offering a selection of rejuvenating treatments is available in the bustling city of Manchester. Offers invited.

Asking Price: £315,000
Turnover: £600,000

LEASEHOLD


Automotive Repair Business
Gloucestershire, UK Wide

This is a longstanding automotive repair business in Gloucestershire, now available for an interested buyer to purchase. Offers invited.

Asking Price: £925,000
Turnover: £414,249

FREEHOLD


CNC Precision Engineering Firm
Isle Of Wight, UK Wide

A remarkable opportunity has emerged to acquire an established precision engineering business which has cemented solid foundations since it began trading in 1998. Offers invited.

Asking Price: £1,200,000
Turnover: £907,946

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
Apr
 

Cambridge artificial intelligence / machine learning company bought by customer | BUSINESS SALE

Early stage advanced data analysis company Rinocloud has bee...

 
19
 
Apr
 

Accountancy firm to expand in Scotland | BUSINESS SALE

A UK-based accountancy firm with offices peppered across the...

 
18
 
Apr
 

Recruitment firm acquires counterpart | BUSINESS SALE

Swindon-headquartered recruitment company Outsource UK has s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
02
 
Apr
 

Administrators appointed at Yorkshire engineering firm | ADMINISTRATION

An engineering contractor from West Yorkshire has been force...

 
05
 
Jan
 

Airline’s engineering arm enters administration | ADMINISTRATION

Monarch’s last surviving division has fallen into admi...

 
25
 
Oct
 

Yorkshire manufacturer completes MBO | MBO/MBI

Senior Architectural Systems, a window and door manufacturer...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources