Home   Kent Business   County news   Article

Jobs lost as pharmaceutical company Purogenix goes into administration

By Chris Britcher

Pharmaceutical company Purogenix has gone into adminstration with the lost of more than 40 staff - despite receiving £4.8 million from regional growth funds.

The company, based on the Discovery Park in Sandwich, manufactured the antibiotic amoxicillin and had a 129,000 sq ft facility on the site.

It employed 45 staff - 41 of which have been made redundant.

Company was based at the Discovery Park in Sandwich
Company was based at the Discovery Park in Sandwich

A skeleton staff of four have been kept in place to help the administration team interested in purchasing either the business or its assets.

Formed in 2012 it received £4.8m - one of the highest amounts paid out by the Expansion East Kent scheme - to establish its base with hopes it would create hundreds of jobs.

It remains unclear if any of the money will be returned to the public purse.

Steve Absolom and Rob Croxen from KPMG’s restructuring practice have been appointed joint administrators to Purogenix Limited and Purogenix Holdings Ltd.

Mr Absolom said: "Whilst the joint administrators are unable to comment on the specific positions of individual creditors of the company, we understand that regional growth funding was provided to the company.

"Having just been appointed, the administrators' immediate focus is on supporting the employees who have lost their jobs and trying to maximise recoveries from the company’s business and assets for the benefit of creditors. Until this phase is complete, the outcome for creditors remains uncertain.

"It is very disappointing the company has had to make these redundancies.

The company manufactured antibiotics
The company manufactured antibiotics

"Purogenix Ltd is a relatively young business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself.

"The business ceased trading at the end of 2017 and has been looking for investors to provide the vital liquidity required to resume trading operations since then. However, it has been unable to secure the necessary funding so the company is now in administration.

“This is a very interesting and innovative business - manufacturing amoxicillin using cost-efficient and environmentally friendly technology. The administration team would be very interested in hearing from anyone who may be interested in this business, or its assets and facility in Kent.”

Join the debate...
Comments |

Don't have an account? Please Register first!

The KM Group does not moderate comments. Please click here for our house rules.

People who post abusive comments about other users or those featured in articles will be banned.

Thank you. Your comment has been received and will appear on the site shortly.

 

Terms of Comments
We do not actively moderate, monitor or edit contributions to the reader comments but we may intervene and take such action as we think necessary, please click here for our house rules. If you have any concerns over the contents on our site, please either register those concerns using the report abuse button, contact us here, email multimediadesk@thekmgroup.co.uk or call 01634 227989.

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More