Member Article

Angel Biotechnology enters administration

Angel Biotechnology has entered administration and appointed KPMG to look for potential buyers for the business.

The firm has offices in Northumberland, Cramlington, Glasgow and Edinburgh, and employs 22 people across its four bases.

As a maker of antibodies, viruses and stem cells for clinical trials, Angel is one of the few listed companies left in the sector with bases over the border in Scotland.

Poor trading conditions have led to losses and cash flow issues for the firm, which eventually led to the decision taken on Friday.

Directors at the company were in talks with two potential joint venture partners, however these discussions came to no avail.

As a result the firm was forced to go into administration, which includes both the Angel Biotechnology and Angel Biomedical businesses.

Blair Nimmo and Gary Fraser from KPMG have been given the task of seeking out a buyer for the firms.

Mr Nimmo, head of restructuring for KPMG in Scotland, said: “Angel Biotechnology and Angel Biomedical have worldwide reputations for the quality of their production facilities, understanding of global regulatory regimes, and being at the cutting edge of pharmaceutical and biotechnological manufacturing.

“We are hopeful that the companies, and their employees, will have a positive future given their unrivalled credentials and quality of service.”

Interested parties have been urged to put themselves forward to the administrators.

This was posted in Bdaily's Members' News section by Miranda Dobson .