BTG secures 32 jobs with AccuLabs Diagnostics sale

Medical testing firm AccuLabs Diagnostics has been sold out of administration. The firm was purchased by its management team, following a process overseen by experts from BTG.

Debbie Banks, chief executive of AccuLabs, said, “After a challenging period we’re pleased to have secured the future of the business and to be moving forward with the support of our experienced team. It’s very much business as usual for our customers and partners, and we’re excited about the opportunities ahead.”

AccuLabs Diagnostics has been providing medical testing and diagnostic services to clients across the healthcare sector for 16 years. But in a challenging period, a financial squeeze saw the Wynyard-based business struggle to stay afloat.

After bosses explored their options, and found limited options to shore up the firm, experts from BTG were appointed to the case. Initially exploring a range of restructuring options, including a proposed Company Voluntary Arrangement (CVA), it was concluded that the appointment of administrators was the most appropriate course of action to safeguard the future of the business.

Andrew Little and Gillian Sayburn, partners at BTG, then oversaw the process, having already marketed the company for sale for several weeks, attracting four bids. The successful offer eventually came from the company’s incumbent management team, securing the future of the business and safeguarding all 32 jobs.

The sale also marks a positive outcome for creditors, as a substantial return is expected for unsecured creditors. The BTG team said the sale out of administration provides a platform for the business to continue trading, with an existing pipeline of contracts, including wellness testing services and projects related to weight loss medication testing and monitoring.

Andrew Little, joint administrator and partner at BTG, remarked, “We are very pleased to have secured a sale of the business in a deal that protects all 32 jobs and allows AccuLabs to continue operating under the existing management team.

“The level of interest received during the marketing process demonstrates the underlying strength of the business. The transaction also delivers a positive outcome for creditors, with a substantial return anticipated for unsecured creditors.”