Bosses at life sciences firm look for new owners as administrators alerted

Loughborough-based life science firm Charnwood Molecular and its sister company Aurelia Bioscience have alerted administrators as bosses look to secure new ownership.

The move comes after Charnwood Molecular and Aurelia Bioscience, which trade as Charnwood Discovery, both filed a notice of intention to appoint administrators last Friday (October 11).

The move will give the group of companies protection from creditor action while its tries to find a way forward.

Lee Paterson, CEO of Charnwood Discovery, told TheBusinessDesk.com: “On Friday 11th October, the directors of our group of companies – Charnwood Molecular and Aurelia Bioscience – have made the difficult decision to file a notice of intention to appoint administrators over these entities.

“I want to make it clear that this does not mean the [Group] is in administration, but it does however provide breathing space for the directors to continue to pursue new ownership opportunities to preserve the business and secure a sustainable future.”

Both firms are based at the Charnwood Campus on the outskirts of Loughborough.

In 2021, private equity firm Synova has made a “significant” investment in Charnwood Molecular which saw it become the sole occupier of a three-storey laboratory at the Charnwood Campus.

Charnwood Discovery’s latest accounts, made up to July 31 2023, show the company had a turnover of over £9.1m – up fron £8.8m in 2023. However, losses doubled to £4.9m from almost £2.4m in 2022.

At the time, the company employed 116 people.