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).
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Related information:
Pharmacy Plus' administrators contact info
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