More than 80 jobs have been lost after a Bolton-based medicine manufacturer collapsed into administration.
M&A Pharmachem specialised in manufacturing and selling paracetamol and opiate medicines.
The company was marketed for sale as the directors sought urgent investment to enable it to continue operating as a going concern.
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However, given financial challenges facing the business and without the completion of the sale, specialist business advisory firm FRP was appointed as administrator and operations have ceased.
A total of 84 employees have been made redundant, BusinessLive reports.
FRP partners Anthony Collier and David Acland are leading the administration process.
The joint administrators are now looking for buyers of the business’ assets, including the company's stock, property and intellectual property.
Mr Collier said: "M&A Pharmachem was a significant employer in the local area. Without urgent investment, the business was unable to continue and has since closed. We’re working with all staff to support them through this difficult time and will help impacted staff in their claims."
According to documents filed with Companies House, M&A Pharmachem's turnover fell from £15.5m to £3m in the 12 months to January 31, 2021, while its pre-tax losses widened from £3m to £6m.
