PharmaSmart goes into administration
18 January 2010 00:00 in Medical Company Restructures
PharmaSmart, the parent firm of I-HS and SSC, has gone into administration, it has emerged.
According to the company's administrators Hacker Young, the organisation was declared insolvent on December 3rd 2009 and was sold to Urbanflame on December 10th.
It owed the taxpayer a total of 309,461.91 pounds and was sold for 5,000 pounds - the worth of its division entitled Goodwill.
The director of Urbanflame, which was established on November 5th 2009, is a former shareholder of PharmaSmart and took up the new role on December 9th.
Two days later, Urbanflame renamed itself as Resources Services (UK) and has been launched through its holding company, McGinley Group Limited.
"Resourcing Services (UK) has recently backed the purchase of SSC and I-HS to strengthen their presence in the healthcare and pharmaceutical markets," declared a statement on the McGinley Group website.
Seamus McGinley, chairman of the group, added that although the recession has brought about challenges in recent years, the firm has survived difficult times and is working towards future success.
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Story collated for Zenopa by the Adfero News Agency