Medical devices company Inside Biometrics has been saved from closure following the appointment of Mercer & Hole’s corporate advisory partner, Chris Laughton, to handle the company administration when it ran out of cash and risked having to close
The company, based near Inverness, was struggling to raise additional funds from existing investors. Mercer & Hole’s corporate finance director Mike Orton and senior manager Tom Pollard sought a buyer for the business and assets, before securing a sale to Inside Biometrics International Limited, part of GlucoRx, a supplier of management solutions for diabetics.
At the heart of the business is a skilled research and development team, who developed an NHS approved meter and test strip (KEYA) for diabetic patients, measuring glucose and ketones in the same test.
Working with the company’s directors, the administrators found a purchaser for the business willing to take on all the staff and maintain employment and business activity in the Highlands and Islands.
Highlands and Islands Enterprise, one of the Scottish government's economic and community development agencies, supported the acquisition due to the economic benefits brought by the continuation of valuable research and development activity in the region.
Chris Laughton said: ‘Inside Biometrics had succeeded in delivering a significant new product to market. I am delighted as administrator to have been able to sell the business and assets, generating value for creditors while preserving employment.’
Sara White