Avara Avlon, the Bristol based Pharmaceuticals company, has gone into administration with the loss of 270 Jobs.
David Rubin, of insolvency partners David Rubin and Partners, who are overseeing the administration process, commented: “Avlon has experienced financial difficulties in recent months as a result of a major contract with a customer coming to an end. The Joint Administrators are now managing the site, whilst they seek a buyer for the business and assets.”
“The main issues here are keeping the site operational and ensuring that all health, safety and environment obligations are complied with.”
“We are working closely with the highly professional and experienced workforce to do everything we can to obtain the best outcome for all stakeholders.”
“We have already secured an agreement with the major customer that gives the business immediate short-term funding and means that we do not immediately have to consider mass redundancies.”
The site had previously been earmarked for closure in 2016, after the expiry of a number of AstraZeneca’s patents.
However the 210 employees were saved from redundancy through the deal with Avara. The deal saw Avara manufacture API’s for AstraZeneca on a contract basis
Categories: What is administration