Almost 50 jobs have been lost after two private hospitals was sold out of administration.
Transform Hospital Group Limited called in Howard Smith and Rick Harrison from Interpath Advisory on Friday, October 7, after the management "concluded it had insufficient working capital for the company to continue to trade".
The group operated from Burcot Hall in Bromsgrove and The Pines in Manchester as well as 11 clinics across England, Scotland and Wales.
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The company was a provider of medical aesthetics, cosmetic and weight loss surgery to privately-funded patients.
Transform Hospital Group had previously engaged Interpath Advisory in September to help it "assess the options available".
Interpath Advisory said that management then concluded that it was in the "best interests of creditors" to place the company up for sale.
As a result, the joint administrators sold the two hospitals in South Manchester and Bromsgrove as going concerns, along with certain assets relating to the clinics, to Transform Healthcare Limited and Y1 Global Assets FZE.
A total of 311 employees will transfer to Transform Healthcare Limited as part of the transaction.
However, a total of 47 employees working at the company’s 11 clinics have been made redundant.
Howard Smith, managing director at Interpath Advisory and joint administrator, said: "We are pleased to have been able to conclude a transaction which secures the future of the two hospitals in Manchester and Bromsgrove, and which safeguards a significant number of jobs.
"We’d like to extend our thanks to all those who helped deliver this outcome within a short timetable, and wish Transform Healthcare all the best for the future."
BusinessLive reported earlier this year that the group achieved a pre-tax profit of £464,514 for the 12 months to December 31, 2021, up from a loss of £607,163 in 2020.
The Manchester-headquartered group's revenue also increased from £32.5m to £47.7m over the same period.
Its gross profit rose from £15.2m to £20.5m while it recovered from an operating loss of £408,492 to a profit of £1.4m.
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