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

Bearings, Power Transmissions & Motion Transfer Linkages Manufacturer
UK Wide

Highly respected brand within core operational sectors, with almost 30 years of successful trading. Predominantly works with OEMs and MRO distributors, producing a wide range of bespoke components, as well as an ‘off the shelf’ catalogue range. Offer...

Asking Price: Offers Invited
Turnover: £7,000,000

FREEHOLD


Village Bakery & Shop
Leicestershire, UK Wide

The business is split into two parts, The Village Bakery, which bakes bread, cobs, rolls, cakes, sausage rolls, pasties, pies etc and sells them retail through The Bakers Shop and wholesale to companies in the local area. The Bakers Shop has many reg...

Asking Price: £280,000
Turnover: £304,000

FREEHOLD


Signs Designer, Manufacturer & Installation
Cheshire, UK Wide

A well-established and respected name within the industry and are designers, manufacturers and installers of shop and factory signs as well as vehicle graphics, exhibition material, flags and flagpoles, labels, CNC machining, Flat bed and roll to rol...

Asking Price: £259,950
Turnover: £550,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
20
 
Aug
 

EAG construction business snapped up by Elaghmore | BUSINESS SALE

English Architectural Glazing Limited (EAG) has been snapped...

 
19
 
Aug
 

Childcare entrepreneur boosts portfolio with Liverpool acquisition | BUSINESS SALE

The Griffin Nursery, a children’s day nursery in Bootl...

 
15
 
Aug
 

Payroll and HR companies acquired by software group | BUSINESS SALE

IRIS Software Group has finalised the agreement of intent to...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
05
 
Aug
 

Superbreak and LateRooms travel businesses for sale after administrators appointed | BUSINESS SALE

The Malvern Group, parent company of LateRooms and Superbrea...

 
09
 
Jul
 

Assets for sale as engineering firm appoints administrators | ADMINISTRATION

An engineering firm based in South Yorkshire has fallen into...

 
26
 
Jun
 

'All options' being explored for collapsed Welsh cheese maker | ADMINISTRATION

A cheese-making factory in Snowdonia has collapsed into admi...

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