KPMG PARTNERS have been appointed administrators to Angel Biotechnology holdings and Angel Biomedical.
Blair Nimmo and Gary Fraser were appointed joint administrators on 8 February to the Scottish-based pharmaceutical manufacturing business.
Employing 22 staff across Glasgow, Edinburgh and Cramlington in Northumberland, all have been retained as the joint administrators look to find a buyer for the business. Shares in the AIM-listed business.
Negotiations had taken place between directors and two potential joint venture partners, however, these negotiations fell through, resulting in the administration.
Angel has suffered during tough trading conditions, incurring losses and facing cashflow problems.
Blair Nimmo, head of restructuring for KPMG in Scotland, said: "Angel Biotechnology and Angel Biomedical have worldwide reputations for the quality of their production facilities, understanding of global regulatory regimes, and being at the cutting edge of pharmaceutical and biotechnological manufacturing.
"We are hopeful that the companies, and their employees, will have a positive future given their unrivalled credentials and quality of service."
You may also like
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources.