Mercer & Hole Chartered Accountants’ Corporate Advisory Services team saved a significant number of people from unemployment by rescuing the business.
Medical devices company Inside Biometrics Ltd instructed Mercer & Hole’s Corporate Advisory Partner, Chris Laughton when it ran out of cash and risked having to close its doors.
The company, based in Dingwall, near Inverness, was struggling to raise additional funds from its existing investors. Those discussions continued whilst in parallel Mercer & Hole’s Corporate Finance Director Mike Orton and Senior Manager Tom Pollard sought a buyer for the business and assets.
At the heart of the business is a skilled research and development team, who developed an NHS approved meter and test strip (KEYA) for diabetic patients, measuring glucose and ketones in the same test. Working with the company’s directors, Mike and Tom were able to trawl the industry and engage with a purchaser of the business who, crucially, was willing to take on all the staff and maintain employment and business activity in the Highlands and Islands.
Highlands and Islands Enterprise, one of the Scottish Government’s economic and community development agencies, was able to encourage the acquisition in view of the economic benefits brought by the continuation of valuable research and development activity in the region.
Chris Laughton commented “Inside Biometrics had succeeded in delivering a significant new product to market. I am delighted as administrator to have been able to sell the business and assets, generating value for creditors while preserving employment”.
The purchaser is Inside Biometrics International Limited, part of GlucoRx, a supplier of management solutions for diabetics.
If you require business rescue advice please contact a member of our Corporate Advisory team.