Two pharmaceutical firms which have shops across East London and Essex have called in administrators.
David Oprey and Richard Toone, partners and restructuring specialists at national accountancy firm Chantrey Vellacott DFK have been appointed to manage the affairs, business and assets of Southcross Limited and Ranver Limited.
Southcross has five retail pharmacies across East London and also has an arm of the business which provides services and support to care homes across the region.
Ranver Limited operates two retail stores in Southend and Basildon in Essex.
The two companies employ around 170 people and are continuing to trade as normal. Both are headquartered in Enfield and are part of the Lister Munro Group, which is not affected by the administration.
Mr Oprey said that the companies had experienced cash flow problems and a search for a buyer is underway.
“Chantrey Vellacott DFK’s Business Recovery Team has strong expertise in the pharmaceutical sector and are confident of finding a buyer to secure the future of the two companies,” he said.
“We are in the process of carrying out a full review and are welcoming expressions of interest in buying the business and assets of the companies.
“Southcross Limited and Ranver Limited both continue to trade as normal and we are working hard to ensure there are no disruptions to services being delivered in the communities the companies serve.”