Angel Biotechnology Holdings calls in administrator
KPMG is seeking a buyer for the Scottish biotechnology firm
Angel Biotechnology Holdings, a Scottish biotechnology company, has called in administrators after suffering cash flow difficulties.
The Midlothian-based company, which also has facilities in Glasgow and Cramlington, Northumberland, said it had been involved in discussions with two potential joint venture partners, but these negotiations have broken down. The directors concluded that they had no option but to place the company into administration.
KPMG’s Blair Nimmo and Gary Fraser have been appointed as joint administrators and are now assessing Angel’s finances with a view to finding a buyer.
All 22 staff have been retained for the time-being.
Angel Biotechnology Holdings, headquartered in Penicuik, near Edinburgh, provides contract manufacturing to biotechnology and pharmaceutical companies worldwide, ranging from development and advice to full-scale commercial manufacturing.
The company’s subsidiary, Angel Biomedical, is also in administration.
The companies have incurred losses, most recently as a result of difficult trading conditions. This has led to problems with cash flow and therefore further investment was required.
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.’
Share trading in AIM-listed Angel Biotechnology Holdings has ceased.
