Stem cell firm acquired out of administration

Huddersfield firm BioEden, which specialises in the extraction and storage of stem cells from teeth for potential future therapeutic use, has been acquired out of administration in a deal that has safeguarded jobs.

Howard Smith and Jonny Marston of KPMG were appointed joint administrators of BioEden Ltd earlier this month  after the company suffered cash flow pressures and experienced trading difficulties.

Upon appointment, the joint administrators facilitated a pre-pack sale of the business and all assets to a new entity, BioEden Holdings Limited. This included the transfer of all employees and avoided any interruption to trading.

John McDonnell, a representative for BioEden Holdings Limited, said: “The new owners have a robust investment plan to secure the future of the new business.”

McDonnell was a non-executive director at BioEden Ltd. He founded Harvard Engineering, where he was CEO for over 20 years until the business was sold to a group in 2013.

Howard Smith, associate partner at KPMG and Joint Administrator, said: “This transaction saves jobs and ensures that customer property remains safe and protected. We wish the business well in the future.”

 

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