Henderson Morley directors buy back assets

FORMER directors of failed Birmingham pharmaceutical Henderson Morley have bought back the assets of the business from administrators.

Andrew Knight and Ian Pardoe are both directors and shareholders of Dawnglow Ltd, which has purchased the patents and equipment of the former Moseley firm in a deal worth £120,000.

Administrator Chantry Vellacott said £105,000 was spent to secure the product patents and £15,000 for the lab equipment.

Further considerations include 25% of any revenues generated in respect of the patents in the first 12 months and 10% of any revenues in the following six months.

Henderson Morley collapsed at the end of August when funding dried up. Mr Knight and Mr Pardoe had been in talks with a third party to try and save the firm but these failed to mature.

In further announcement yesterday, Brewin Dolphin Corporate Advisory and Broking said it had resigned as advisor to Henderson Morley with immediate effect.

• Henderson Morley enters administration 
• Salvage talks fail at Henderson Morley