The Urology Company Limited (07003303): administration
- Status
- Administration ended
- Administration began
- 2013-02-25
- Administrators' firm
- Maven Capital Partners
- Incorporated
- 2009-08-27
- Location
- Manchester
- Industry
- 46460 Wholesale of pharmaceutical goods
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Parent or group failure
From the administrators' statement
21 The Company was incorporated on 27 August 2009 and operated as a distributor of pharmaceutical products to high street pharmacies and healthcare professionals. The Company 1s a subsidiary of The Urotogy Company Holdings Limited and the ultimate parent company of the group 1s Plethora Solutions Holdings plc (PSH). The wider group 1s not subject to insolvency proceedings.
22 Since incorporation the Company’s secured creditors, Maven Capital Partners UK LLP (Maven) and Galloway Limited (Galloway), invested over £2 8 million in the Company in an effort to create a business that was of sufficient size and had a portfolio of products that would enable it to be self-sufficient
23 Despite this investment, the Company was unable to establish sufficient new routes to market, or achieve sufficient scale to make it profitable. The Company was dependent on the continued support of the group, which in turn was reliant on the support of Maven and Galloway
Administrators' statement of proposals (2013-04-09) · Companies House register