Pharmaceutical company assigns administrators following its lack of funding
KPMG’s Restructuring division appointed Steve Absolom and Rob Croxen as the joint administrators, and are now on the hunt for buyers for Purogenix’s business or assets.
The Kent-based company, which creates the Amoxicillin antibiotic using a biogeneric manufacturing process, stopped its trading operations at the end of last year as a result of running out of necessary funds. It had since been searching for investors to provide the company with financial support, but was unsuccessful in acquiring any investment.
The business is located in a 129,000 square feet freehold facility in Sandwich, Kent.
Purogenix Ltd employed 45 members of staff prior to going into administration, and have retained a select few to assist the KPMG administration team with the sales process.
Steve Absolom said: “Purogenix Ltd is a relatively young business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself.
“This is a very interesting and innovative business – manufacturing Amoxicillin using cost-effective 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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