Doncaster Pharmaceuticals Group Limited (02091571): administration
- Status
- Administration ended
- Administration began
- 2022-05-06
- Administrators' firm
- Kroll
- Formerly
- DPG Realisations 2022 Limited; Doncaster Pharmaceuticals Group Limited; Whitworth Pharmaceuticals Limited; Tintrule Limited
- Incorporated
- 1987-01-21
- Location
- Manchester
- Industry
- 46460 Wholesale of pharmaceutical goods
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
Despite being a relatively new entrant to the competitive UK market, the Group traded successfully and was growing until around the beginning of 2021, when operations were temporarily forced to cease due a breach of the MHRA licensing regulations which resulted in an immediate suspension of the Group’s regulated licences.
Although the Group secured the ongoing support of its secured creditors at that time, following discussions with the MHRA the licenses were subsequently reinstated with restrictions subject to certain improvements in the Group’s IT systems and stock tracking capabilities. The period of suspension and subsequent restrictions resulted in a significant and ongoing reduction in revenue (c25%) which the Group found difficult to replace.
Despite further funding from the secured creditors at that time, the Group identified a further funding need over and above the existing facilities of £2,500,000 to support ongoing trade.
Administrators' statement of proposals (2022-07-06) · Companies House register