MED24 Limited (11652936): administration
- Status
- Administration ended
- Administration began
- 2022-04-20
- Administrators
- Christopher Robert Pole, William James Wright
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2018-10-31
- Location
- London
- Industry
- 86210 General medical practice activities
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Property / lease costs
- Regulatory change or action
From the administrators' statement
Med24 opened its Paddington site in May 2021 and, due to opening during the third national Covid-19 lockdown in the UK, the Company experienced a lower patient uptake in the lead up to opening than management had forecast.
Due to these lower patient numbers, the Directors sought to diversify Med24’s services by offering a full range of private Covid-19 testing. In January 2022, the Government
announced the relaxation of Covid-19 testing requirements, which significantly decreased the Company’s main revenue stream at the time.
Administrators' statement of proposals (2022-05-06) · Companies House register