PPL Therapeutics said last week it was close to winding itself up but it has announced on its website that it is ‘involved in preliminary discussions with a third-party that may or may not lead to an offer being made for the company’. It was revealed ten days ago that PPL would be ‘almost certain to enter a members’ voluntary liquidation’ after a key shareholder scuppered a management buyout, reportedly worth 5.5p a share. ‘These discussions, which are at an early stage, are subject, amongst other things, to due diligence and it is buy no means certain that any proposal will ensue. The Board, which is being advised by KPMG Corporate Finance, will make a further announcement when appropriate,’ PPL said. Dolly became the first successfully cloned adult mammal in 1997, but the euphoria of the achievement was short lived; the sheep died just six years later.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies