Trirx Speke Ltd (13436320): administration
- Status
- Administration ended
- Administration began
- 2024-09-12
- Administrators' firm
- FTI Consulting
- Incorporated
- 2021-06-03
- Location
- London
- Industry
- 21200 Manufacture of pharmaceutical preparations
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company manufactures pharmaceutical products to prevent and treat disease in animals for a single customer, Elanco. The business had been acquired from Elanco in February 2022, but the Company was subsequently unable to secure the additional customers necessary to make it viable. In addition, the Company was impacted by a number of increasing cost pressures leading to liquidity issues.
The Company was unable to secure additional funding support from the Group or the Secured Creditor and was unable to renegotiate terms with the Customer. As a consequence, an insolvency process became unavoidable in light of increasing creditor pressure. On 30 August 2024, the directors commenced the process to place it into Administration, with joint administrators being appointed on 12 September 2024.
Administrators' statement of proposals (2024-10-23) · Companies House register