Wed, 21 May 2014 | ADMINISTRATION
A Bristol-based, £15 million turnover pharmacy that was set up to supply care homes has entered administration.
Pharmacy Plus was taken over by administrators Ryan Grant, Anne O’Keefe and Lee Causer from Zolfo Coopers on Monday 19 May. Severe cash flow issues has been cited as the reason behind the move.
A statement from the administrators said they had tried to identify a buyer for the business as a going concern, but supply problems proved an insurmountable hurdle and Pharmacy Plus ended its contact with the NHS shortly before entering administration.
The Bristol Post reported Mr Grant's words on the situation: “It is with regret that we have had to close the business. A reduction in trading volumes and supplier pressure were at the root of the problem.
“We are working closely with the NHS to ensure minimal disruption to the company’s care home customers and to enable them to obtain patient prescriptions from alternative sources.”
Founded in 1994 by local entrepreneur Tariq Muhammad, the running of Pharmacy Plus was recently handed over to private equity firm Elysian Capital after it bought a minority stake in December. It had plans to grow the business and Mr Muhammed wanted to pursue other interests, a spokesman for the businessman said.
The business pioneered the use of barcode identification to ensure patients got the correct medicine.
The closure of the business has left about 240 people without a job, who were informed of the situation on Monday (19th May).
______________________________________________________________________
Related information:
Pharmacy Plus' administrators contact info
Care businesses for sale
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
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.