Bolton pharma business closes with loss of 84 jobs following administration
A Bolton pharmaceutical company is in administration.
Anthony Collier and David Acland, partners at specialist business advisory firm FRP, were today (January 27) appointed as joint administrators of M&A Pharmachem.
The company specialised in manufacturing and selling paracetamol and opiate medicines.
It was marketed for sale, as the directors sought urgent investment to enable it to continue operating as a going concern.
However, given financial challenges facing the business, and without the completion of the sale, administrators were appointed to the company and operations have ceased.
This has resulted in the loss of 84 jobs.
The joint administrators are now looking for buyers of the business’s assets, including the company’s stock, property and intellectual property.
Anthony Collier, partner at FRP Advisory and joint administrator, said: “M&A Pharmachem was a significant employer in the local area.
“Without urgent investment, the business was unable to continue and has since closed.
“We’re working with all staff to support them through this difficult time and will help impacted staff in their claims.”
The company was established 44 years ago and manufactured pharmaceuticals and medical devices for medical staff around the globe to prescribe and use across the healthcare sector.