Jobs saved after digital pharmacy sold out of administration

More than 80 jobs have been saved after Runcorn-based digital pharmacy start-up Remedi Solutions was sold, for an undisclosed sum, to Remedi Healthcare, a new company founded by digital health entrepreneur, Nadeem Sarwar.

Remedi Solutions, which started trading in 2020, supplies prescription medication via a technology platform to care homes across the country from its Cheshire base.

In August, the business handled the seventh highest number of prescription items in England.

Nick Harris and Lucinda Coleman, of PKF Francis Clark, were appointed administrators of Remedi Solutions on Friday, December 6, and swiftly sold the business after it suffered cash flow problems.

Nadeem Sarwar plans to use his experience, as the founder of digital pharmacy and healthcare e-commerce group Phlo Technologies, to grow Remedi Healthcare into a leading provider of technology solutions for the care home market.

The deal was backed with a financial package from Castlebridge Finance and Tallaght Financial.

He said: “I would like to thank all our employees, customers and suppliers for their support during what has been a challenging period.

“Remedi has a top class digital platform for pharmacy in care homes – we are planning significant investment in the platform alongside working with partners to allow the business to hit its full potential.”

He added: “Knowing the digital health and digital pharmacy industry extremely well, I see significant growth potential for Remedi Healthcare and I’m genuinely excited about the future.”

Nick Harris, director of business restructuring at PKF Francis Clark, said: “Remedi has a dedicated team delivering a vital service to care homes across the country, using its automated dispensing system.

“Unfortunately, the business had struggled to achieve the sales volumes needed to be profitable and was facing cash flow problems.”

He added: “We are delighted to have saved all 83 jobs, especially at this time of year.

“After initially being appointed by the directors to carry out an options review, we then ran an accelerated marketing process with support from Christie and Co and successfully negotiated the sale of the business in a tight timeframe.”

Lucinda Coleman said: “Administration is always a last resort, but we are pleased that in this case the business and assets have survived, along with the jobs of so many skilled individuals.”

The administrators were assisted by Tony Evans and Stephen Jacobs at Christie and Co, as well as legal adviser Kevin Hawthorn at DAC Beachcroft. PKF Francis Clark’s team also included Dan Ott.

Remedi Healthcare was advised by Alastair Dunn from BTO Solicitors.