Forty-one people have been made redundant with pharmaceutical company Purogenix going into administration.
The firm, based at Discovery Park in Sandwich, was set up in 2012 with a £4,8million Expansion East Kent grant, administered through Kent County Council.
When the grant was made it was predicted that the firm, which manufactured the antibiotic Amoxicillin, would employ 165 staff.
It had just 45 staff when Steve Absolom and Rob Croxen from KPMG’s restructuring practice were appointed joint administrators to Purogenix Limited and Purogenix on June 12.
A skeleton staff of 4 people has been kept in place to help the administration team and any parties interested in purchasing the business/assets.
Mr Absolom said :“It is very disappointing that the company has had to make these redundancies. We are in the process of supporting the affected employees at this difficult time.
“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.”
Enquiries can be made via the website here