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.
Provides comprehensive medication management services. Primarily specialises in the care homes sector, benefitting facility managers across Northern England and in the Midlands.
LEASEHOLD
Highly regarded business with a strong, recognisable brand operating for over two decades. Offers a comprehensive range of permanent make-up and cosmetic tattooing treatments which are in high demand. Generates further revenue via training services a...
LEASEHOLD
A provider of domiciliary care to older individuals and younger adults with physical disabilities/sensory impairments. Services provided by the company include personal care, night shifts, companionship, live-in care, respite and hospital to home. Se...
LEASEHOLD
20
|
Apr
|
Administrators appointed as UK logistics firm collapses | ADMINISTRATION
West Bromwich-based courier and logistics firm New Generatio...
20
|
Apr
|
Company insolvencies begin to rise in March as pandemic impact shows | BUSINESS NEWS
Government figures show that UK company insolvencies rose 44...
19
|
Apr
|
Peer-to-peer lending business enters administration | DIVISION SALE
Business Loan Network, a peer-to-peer lending business, has ...
Sign up to receive our acquisition alert emails to get your FREE guide
13
|
Apr
|
Administrators considering sale of Brooks Brothers UK | ADMINISTRATION
The UK arm of business wear retailer Brooks Brothers has fal...
16
|
Mar
|
Elliot Group places three developments into administration | ADMINISTRATION
Building developer Elliot Group has placed three stalled dev...
20
|
Dec
|
AR tech company enters administration | ADMINISTRATION
An augmented reality technology enterprise, whose technology...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources