Pharmacy Plus Enters Administration

It has been reported today that Pharmacy Plus Limited, a supplier of drugs to care homes and the NHS, has been placed into administration, resulting in 240 redundancies.

The Bristol based Company is one of a number of Health and social businesses which are suffering in recent times which is evident from the latest insolvency statistics by industry, which we reported by infographic last week, which showed that for Q1 2014, health and social businesses saw the largest increase in the number of Administrations resulting in a 29% increase.

It is reported in Insolvency-News that the Company suffered from “severe cash flow problems”, despite its annual turnover topping £15m.

No Going Concern Sale Achieved by Administrators

Unfortunately the Administrators appointed, were unsuccessful in their attempts to complete a going concern sale, due to supply issues, which has now resulted in the cessation of its trading, the voluntary termination of its NHS contract and 240 redundancies.

Let’s hope that this is a one off and not a sign of things to come.

For help and advise on administrations or pre pack administration please get in touch, read more on administrations here.

Categorised in: Administration News, Insolvency Reviews & Advice, Latest Insolvency News