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.
Presenting to the market a residential care home located in a predominantly residential area with potential to extend.
FREEHOLD
West Midlands highly regarded nursing facility registered for 35 service users. With experienced long-standing staff with a full-time manager.
LEASEHOLD
North Wales sought-after residential living facilitiy registered for 19 residents, located in a predominantly residential area.
FREEHOLD
24
|
Apr
|
Automotive parts supplier secures PE backing | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replac...
24
|
Apr
|
Kitchen firm expands construction sector offering with new acquisition | BUSINESS SALE
Nolte Kitchens UK has completed the acquisition of contracts...
23
|
Apr
|
Furniture retail group acquires stock and IP of e-commerce firm | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.