A company that made over £6m in profit from Covid-19 tests has collapsed into administration.
Circular 1 Health had operations in Cumbria and Manchester and was set up in June 2020.
The business recently employed more than 40 people and made a pre-tax profit of £6.4m between then and November 30, 2021. No more recent accounts are publicly available.
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The company also turned over more than £35m in that period.
Gary Lee and Kenneth Pattullo of restructuring experts Begbies Traynor have been appointed as joint administrators of Circular 1 Health Limited.
Mr Lee said: "The directors have worked closely with the company’s stakeholders and have explored all options to address the long-term viability of the business.
"Unfortunately, new contracts and an injection of funding have not materialised and reluctantly, the directors have had no option but to place the company into administration.
"We are now taking steps to secure the company’s assets to maximise the outcome for creditors and staff and provide assistance to the employees in making claims."
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