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

Elderly Care Home
Essex, South East, UK

Old Age and Dementia Care Home, Essex – Registered for 27. Care home registered for 27 service users within the categories of old age and dementia care. The home has benefited from an extensive refurbishment programme, since then the home is rapidly...

Asking Price: £895,000
Turnover: £389,821

Care Home
West Midlands, UK

Care home in convenient West Midlands location, registered for 38 residents specialising in dementia care. This attractive and highly reputable home features all single bedrooms. Our client has owned the business since the early 1990's and has chosen...

Asking Price: £2,200,000
Turnover: £1,018,560

Fish & Chips Takeaway
Cornwall, UK Wide

A very successful fish and chip takeaway enjoying a prominent and highly visual trading location in the south Cornwall town of Helston. Well-appointed takeaway area with 7-pan gas range, adjoining retail area, storage and preparation rooms. Spacious...

Asking Price: £675,000
Turnover: £365,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
28
 
Jan
 

Fairstone completes double acquisition | BUSINESS SALE

Tyne and Wear-based consolidator Fairstone Financial Managem...

 
27
 
Jan
 

Amigo founder puts company up for sale | BUSINESS SALE

Amigo founder James Benamor has put the subprime lender up f...

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
14
 
Jan
 

Beales in sales talks to avoid administration | ADMINISTRATION

Department store chain Beales is in talks with two potential...

 
09
 
Dec
 

Scunthorpe construction group call in administrators | ADMINISTRATION

Scunthorpe-based Clugston Group and Clugston Construction ha...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

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