Administrators appointed to Med24
Will Wright and Chris Pole, head of restructuring and managing director at financial advisory Interpath Advisory respectively, have been appointed joint administrators to private healthcare provider Med24.
Established in May 2021 by Jonathan Kron and Ahmad Al-Hamad, Med24 was a 24 hour private healthcare provider offering urgent access to primary care services operating out of Paddington, London.
In August 2020, Med24 raised more than £5 million in funding in a seed round from a number of private international investors including Irish businessman Dermot Desmond.
However, after launching, the company experienced lower uptake of its corporate and individual memberships than anticipated, according to the advisory.
It diversified its offering to include a comprehensive range of Covid-19 testing, but, with the international testing requirements relaxation in early 2022, the company began to experience significant cash flow pressure.
The joint administrators said in a press release that the business and certain assets of Med24 have been sold to Primary Care Holdings Limited, an unconnected trade party. Financial details of the transaction have not been disclosed.
Med24’s employees have transferred to the new owner as part of the transaction.
Date published: April 22, 2022