Angel Biotechnology Holdings PLC (05383314): administration
- Status
- Administration ended
- Administration began
- 2013-02-08
- Administrators
- Gary Steven Fraser, Blair Carnegie Nimmo
- Administrators' firm
- KPMG
- Formerly
- Lanstop PLC
- Incorporated
- 2005-03-04
- Location
- London
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
ABH was incorporated on 4 March 2005 and its principal activity was the manufacture and supply of biomedical products. ABH was listed on the AIM market in 2005. ABH manufactured and supphed chinically-based bio-materials for global biotechnology and pharmaceutical companies. The Company operated from a leased facility in Pemcuik, Edinburgh and maintamed a mothballed, leased facility in Cramlington, Newcastle
ABH had incurred losses as a result of difficult trading conditions and contractual difficulttes. The Directors attempted to secure additional funding through investment and joint venture arrangements The joint venture arrangements were expected to be complete by January 2013, but these did not happen.
The Company contmued to make losses, and when the Directors were unable to find joint venture partners or attract fresh investment, they resolved that they had no other option than to appoint admumstiators The Company had 24 employees on our appointment, 23 at Pentcu:k and | at Cramlington.
Administrators' statement of proposals (2013-04-11) · Companies House register