Gurnos Limited (02873173): administration
- Status
- Administration ended
- Administration began
- 2012-09-07
- Administrators
- Ranjit Bajjon, Malcolm Peter Fillmore
- Administrators' firm
- Kroll
- Formerly
- Neolab Limited; Inhoco 281 Limited
- Incorporated
- 1993-11-18
- Location
- Crawley
- Industry
- 7487
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Gurnos Limited or Neolab as it was then known, was formed in 1993 but only commenced trading under tts director, John Davies, in 1999 Oue to a breakdown in the relationship with Cipla Limited, the Company's main manufacturing source, during 2009 the Company was unable to arrange for a continuity of supply and consequently suffered substantial losses and cash flow issues
On 17 May 2011, at the behest of the Company's funders, a sale of most of the Company's business and assets to Fannin (UK) Limited took place and as a result the Company ceased trading It was believed that that the residual cash and assets that remained in the Company would be sufficient to pay the liabihties not assumed by the purchaser
‘In addition to cash and debtor balances, two unsettled cases of litigation remained with the Company These comprised claims and counter claims involving the pharmaceutical companies, Eli Lilly and Company Limited (litigation in the UK) and Glaxo Smith Kline (litigation in Germany)
Administrators' statement of proposals (2012-10-31) · Companies House register