Tue, 19 Feb 2019 | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has entered administration after experiencing a series of financial difficulties.
Avara Avlon Pharma Services Limited called in administrators after a major contract came to an end, raising questions regarding the future of the company.
Accounting firm David Rubin & Partners were called in to oversee the administration process, with partners David Rubin and Asher Miller appointed at the High Court of Justice as joint administrators.
Rubin commented on the administration: "Avlon has experienced financial difficulties in recent months as a result of a major contract with a customer coming to an end. The joint administrators are now managing the site, whilst they seek a buyer for the business and assets.
"The main issues here are keeping the site operational and ensuring that all health, safety and environment obligations are complied with. We are working closely with the highly professional and experienced workforce to do everything we can to obtain the best outcome for all stakeholders.
"We have already secured an agreement with the major customer that gives the business immediate short-term funding and means that we do not immediately have to consider mass redundancies.”
Presently, Avara Avlon Pharma Services employs roughly 270 members of staff at its 100-acre site in Avonmouth to manufacture a number of active pharmaceutical ingredients. As well as in the UK, the company also has operational sites in Ireland, US, Canada and France.
The premise was previously acquired from AstraZeneca in 2016, which is one of Avara Avlon Pharma Services’ primary customers.
Potential buyers of Avara Avlon Pharma Services Limited’s business and assets are invited to express their interest immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
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