Circular 1 Health, an award-winning Covid-testing contractor during the pandemic, has entered into administration.
Gary Lee and Kenneth Pattullo of restructuring experts Begbies Traynor have been appointed as Joint Administrators of Circular 1 Health Limited, which recently employed more than 40 people across its operations in Cumbria and Manchester.
It’s latest set of published accounts confirms a turnover of more than £35m. The testing company, born out of the Covid-19 crisis, responded to critical businesses that needed to remain operational through the pandemic.
Gary Lee, partner at Begbies Traynor, 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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