Pharmacy Plus Limited, a Bristol-based supplier of drugs to the NHS and care homes, has entered administration, resulting in 240 redundancies.
The company, which has an annual turnover of £15m, entered administration earlier this week following “severe cash flow problems”.
Subsequently, Ryan Grant, Anne O’Keefe and Lee Causer of advisory and restructuring firm Zolfo Cooper were appointed as joint administrators of the company on 19 May.
Administrators attempted to affect a sale of the business as a going concern, however supply issues meant a deal could not be made.As a result, the company ceased trading and voluntarily terminated its contract with the NHS on 16 May.
Grant said: “It is with regret that we have had to close the business. A reduction in trading volumes and supplier pressure were at the root of the problem.
“We are working closely with the NHS to seek to ensure minimal disruption to the company’s care home customers and to enable them to obtain patient prescriptions from alternative sources.”
The intellectual property of Pharmacy Plus is being offered to the market by Metis Partners, under instruction from the administrators.
Linda Shannon, who is conducting the marketing campaign for Metis Partners, said: “Other pharmacy chains will be very keen indeed to acquire the dispensing management systems and software which made Pharmacy Plus a leading provider of pharmacy services to care homes in England and Wales.”
Assets involved in the sale include the proprietary CAPA web-based software system which manages orders, prescriptions, dispensing/supply, warehousing and delivery; and the Proactive Care System, based on a hand-held PDA used by nurses and carers to track, manage and improve the administration of medications.