8 February 2013
Blair Nimmo and Gary Fraser of KPMG LLP were appointed Joint Administrators of Angel Biotechnology Holdings plc and Angel Biomedical Limited on 8th February 2013.
The companies, which have their headquarters in Edinburgh but also have facilities in Glasgow and Cramlington, Northumberland, manufacture and supply clinically-based bio-materials for global biotechnology and pharmaceutical companies.
Angel Biotechnology Holdings plc was established and listed on the AIM market in 2005.
At the time of the Joint Administrators’ appointment, the companies had 22 employees (20 in Edinburgh and one each in Glasgow and Northumberland), all of who have been retained. The Joint Administrators are now assessing the companies’ financial situations with a view to finding a buyer.
The companies have incurred losses, most recently as a result of difficult trading conditions. This has led to cash flow difficulties and therefore further investment being required in the companies. The directors had been in negotiations with two potential joint venture partners, however, these negotiations could not be concluded. As a result, the directors took the decision that they had no option but to place the companies into administration.
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.”
The Joint Administrators are taking all steps to identify parties that may have an interest in the businesses. Any party with an interest in this regard should contact the Joint Administrators.
Share-trading in the AIM-listed Angel Biotechnology Holdings has ceased.
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