Hundreds of jobs under threat at life sciences firm

Hundreds of jobs are to be axed at a Manchester based drug development firm – according to reports.

Around 280 jobs arethought to be under threat after Concept Life Sciences after the firm decided to close four sites.

The Manchester Evening News is reporting that staff have been told not to go into work on Monday.

The news comes just 18 months after the business was sold by private equity firm Equistone Partners.

The firm was sold to productivity-enhancing instrumentation and controls company Spectris – which is based in the South East.

Staff were informed in June that at least 200 jobs in Manchester, East Kilbride, and Braintree sites were at ‘immediate risk.

The new owners started a 45-day consultation period.

However, a month later the number of jobs at risk was revised and increased to 280 as staff at the Chapel-en-le-Frith site were also told their jobs were at risk.

A member of staff at the firm told the Manchester Evening News: “Staff have not been given any explanation of why the closure has occurred, except ‘business slowdown’, with the head of HR, calling it a ‘Perfect Storm’ at the final staff consultation meeting.

“She was met with anger that staff has been given zero indication of loss making, let alone imminent closure.”

Equistone was sold Manchester-headquartered Concept Life Sciences last year for £163m.

The firm was launched in 2014 following the acquisition of three businesses for a combined enterprise value approaching $100m (£70.2m).

Concept Life Sciences was created with backing from Equistone Partners Europe as a result of the purchase of Peakdale Molecular, Resource & Environmental Consultants and Scientific Analysis Laboratories.

Equistone’s investment gave the business a platform to make acquisitions and develop into a major contract research and testing organisation focused on delivering scientific services to the global life sciences sector.

Spectris is based at Egham in Surrey.

At the time of the deal John O’Higgins, chief executive of Spectris, said: “Concept Life Sciences is a high-quality services business which further strengthens our portfolio and enhances our ability to provide customers within the pharmaceutical, life sciences and advanced materials sectors with a combined product and service proposition.”