Woundcare distributor sold in £400,000 deal
A CHESHIRE-based company which has the rights to distribute a specialist wound care product has been sold to Surrey-based Sinclair Pharma for an initial £400,000.
Cranage Healthcare, which was only set up three years ago in Congleton by David Bryant and Aileen Cameron, distributes the Kelo-cote product which is used to treat wounds caused by burns, plastic surgery and dermatology.
The company employs four sales staff and sells product over the internet. Kelo-cote sales made up 75% of the firm’s £454,000 turnover for the year to January 31, 2010 on which it made a post-tax loss of £26,000. It also had gross assets of £153,000.
Cranage also owns the distribution rights to ‘synthetic skin’ cell therapy products CryoSkin and MySkin which offers burns victims an alternative treatment to skin grafts.
Bryant and Cameron will continue to work with Sinclair to help the firm develop its would care portfolio across Europe, where the firm already had the distribution rights for Kelo-cote in France and Italy, and has just acquired the rights to distribute the product in Germany under a deal worth an initial €840,000.
The pair will also work on an earn-out agreement until 2015 which will see them retain a share of the profits generated from sales of Sinclair’s wound care products if certain targets are met.
David Bryant, managing director of Cranage, said: “This is a great opportunity
for all of our brands to reach their true potential and we are excited to be
joining such a dynamic company with potential for significant growth.
