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.
This opportunity involves the acquisition of two well-established pharmacies located in West Yorkshire, offering a solid foothold in the healthcare sector within the region.
LEASEHOLD
Opportunity to acquire a well-established pharmacy located in Brent, offering a stable customer base and potential for further growth.
Discover a unique opportunity to acquire an integrated health centre pharmacy in the prime location of Tyne & Wear.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.