Life sciences firms alert administrators for second time
Loughborough-based life science firm Charnwood Molecular and its sister company Aurelia Bioscience have alerted administrators for the second time as bosses rush to secure new investment or a buyer.
Charnwood Molecular and Aurelia Bioscience, which trade as Charnwood Discovery, both filed a second notice of intention (NOI) to appoint administrators on Thursday (October 24) after an initial NOI on 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 at earlier this month: “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.
