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Interested parties sought for pharmaceutical company Purogenix Holdings Ltd as administrators are appointed

Parties sought pharmaceutical Purogenix Holdings

Steve Absolom and Rob Croxen from KPMG’s Restructuring practice have been appointed joint administrators to Purogenix Limited and Purogenix

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The company manufactured the antibiotic Amoxicillin using a bio-generic method and had made significant investment in a 129,000 sqft freehold facility based in Kent.

 

The business employed 45 staff at the time of appointment, 41 of whom have been made redundant.  A skeleton staff of 4 people has been kept in place to help the administration team and any parties interested in purchasing the business/assets.

 

Commenting on the administration Steve Absolom said :

“It is very disappointing that the company has had to make these redundancies.  We are in the process of supporting the affected employees at this difficult time.  Purogenix Ltd is a relatively young business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself.  The business ceased trading at the end of 2017 and has been looking for investors to provide the vital liquidity required to resume trading operations since then.  However, it has been unable to secure the necessary funding so the company is now in administration.”

 

“This is a very interesting and innovative business - manufacturing amoxicillin using cost-efficient 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.”

 

 

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For media enquiries only, please contact:


Emma Murray, KPMG Corporate
Communications
T: +44 (0)207 694 6506
E: emma.murray@kpmg.co.uk

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KPMG Press Office: +44 (0)207 694 8773

 

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