Tue, 24 Dec 2024 | BUSINESS SALE
Cheshire-based digital pharmacy business Remedi Solutions has been bought out of administration by a health tech entrepreneur.
Remedi Solutions, which started trading in 2020, supplies prescription medication through a technology platform to care homes across the country from its headquarters in Runcorn.
In August, the business handled the seventh highest number of prescription items in England.
However, due to cash flow problems, Nick Harris and Lucinda Coleman of PKF Francis Clark were appointed as administrators of the business at the start of December.
Digital health entrepreneur Nadeem Sarwar has now purchased the firm through his new company Remedi Healthcare Ltd saving 83 jobs.
Sarwar, who is the founder of digital pharmacy and healthcare e-commerce group Phlo Technologies, aims to grow the business into a leading provider of technology services for the care home market.
The deal was backed with a financial package from Castlebridge Finance and Tallaght Financial.
Sarwar said: "I'm delighted to have secured the future of Remedi's workforce and the important services we provide to our valued customers. I would like to thank all our employees, customers and suppliers for their support during what has been a challenging period. Remedi has a top-class digital platform for pharmacy in care homes, we are planning significant investment in the platform alongside working with partners to allow the business to hit its full potential.”
He said given his knowledge and experience of the digital health and digital pharmacy industry, he sees significant growth potential for the business.
Nick Harris, director of business restructuring at PKF Francis Clark, added: "Remedi has a dedicated team delivering a vital service to care homes across the country, using its automated dispensing system. Unfortunately, the business had struggled to achieve the sales volumes needed to be profitable and was facing cash flow problems. After initially being appointed by the directors to carry out an options review, we then ran an accelerated marketing process with support from Christie & Co and successfully negotiated the sale of the business in a tight timeframe."
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