James Fowler Pharmacy Ltd (SC325218): administration
- Status
- Administration ended
- Administration began
- 2018-09-14
- Administrators
- Paul Dounis, Gareth Harris
- Administrators' firm
- RSM
- Incorporated
- 2007-06-11
- Location
- Edinburgh
- Industry
- 47730 Dispensing chemist in specialised stores
Why it went into administration
- Regulatory change or action
- Rising interest rates
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Brief background
James Fowler Pharmacy Limited was incorporated in 2007 to operate two pharmacies in the Goole area of Yorkshire. The pharmacies trade as Coggrave Chemist and Drummond NR. The company wholly owned two companies, C.W. Peach Chemists Limited (“Peach”) and Sawyers Chemist Limited (“Sawyers”). Peach was also placed into administration on the same day as the Company. A sale of the shares of Sawyers concluded on 31 August 2018 for £425,000 to a third party. The sum of £300,000 was paid upon completion of the sale agreement. The deferred consideration balance of £125,000 is being retained to cover net current liabilities, this will be payable upon finalisation of the completion accounts.
Coggrave Chemist is based on a main street in town and has 7 employees. Drummond NR is next door to a General Practice Surgery and has two employees and a locum pharmacist in situ. Both pharmacies share a superintendent pharmacist who is employed by a subsidiary Company C.W. Peach, Chemists Limited.
Administrators' statement of proposals (2018-11-09) · Companies House register