Precious Cells International Limited (07210233): administration
- Status
- Administration ended
- Administration began
- 2018-03-28
- Administrators
- Mark Newman, Vincent John Green
- Administrators' firm
- CCW Recovery Solutions
- Incorporated
- 2010-03-31
- Location
- Birmingham
- Industry
- 86900 Other human health activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Regulatory change or action
From the administrators' statement
The Company, was incorporated in 2010, traded as “Precious Cells International Limited”, “Precious Cells Biobank” and “Precious Cells". The business first started trading out of Brunel Science Park, Brunel University, in 2010 as a university spin out and it developed its own technologies for its principal focus of business. The Company started as a new start up and eventually employed over 40 full time staff and several contracted staff. The Company relocated to 6-9 The Square, Stockley Park, Uxbridge in 2017, after it outgrew its current space at the science park.
The principal activity of the Company was stem cell banking services. The business of stem cell banking is the provision of a medical/heaithcare service, directly to consumers, to bank a portion of their biological material, which is known to contain stem cells. The services were provided to consumers who used the ‘fee for service’ with the intent that increasingly treatments were being developed using stem cells. The market potential for such technology had been growing significantly, estimated to be worth in excess of $40 billion. The Company saw immediate commercial traction and continued growing revenues year on year from early 2011 through to 2015 primarily by building an international network of clinic referrals via distributors and agents. The Company acquired all the relevant licenses and accreditations to operate in the space.
in 2015, the Company established a first of its kind partnership with several NHS Trusts which gave tremendous scope for growth and global export. By entering into such potentially lucrative partnerships with these NHS Trusts, the Company began to invest into scaling up its processes, strengthening its technical and operational teams, and invested in its infrastructure to meet the highly stringent regulatory compliance required to fulfil its contractual obligations.
Administrators' statement of proposals (2018-06-18) · Companies House register