Sale Completed: Over 300 Jobs Safeguarded and £100 Million in Economic Impact in Liverpool Secured
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January 24, 2025
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TriRx Speke Ltd, one of the UK’s leading sites for fermentation-derived products, developing and manufacturing pharmaceutical ingredients for the veterinary industry, faced immediate closure. With over 300 jobs on the line, TriRx looked to joint administrators at FTI Consulting to provide support, stabilising the business and ensuring continued trade whilst a buyer was sought.
After just two months of trading administration, Elanco Animal Health purchased the business, acquiring the facility and related assets. This ultimately enabled one of the UK’s leading biopharmaceutical production sites to continue their vital work in developing and manufacturing active pharmaceutical ingredients for the veterinary industry.
- Taking control of the financial and commercial drivers of the day-to-day business, we were able to quickly identify the funding requirement and implement alternative working capital management to ensure continued production, all while longer-term solutions were explored.
- By securing interim funding in parallel with running a process to complete a final sale, over 300 highly-skilled employees and roles were saved.
- The continued operation of the site enables what is estimated to be more than £100 million in direct economic impact annually for the wider Liverpool region.
Our Role
- Joint Administrators from FTI Consulting agreed an interim funding line with the customer base, to stabilise the business and ensure that the company could continue to trade during the administration.
- The team from FTI Consulting worked closely with management and employees to continue to trade the company. Whilst business-as-usual was maintained, various sale options for the business and assets were actively pursued.
- After approximately two months, the Joint Administrators were able to execute a sale of the company’s business and assets to Elanco Animal Health.
Published
January 24, 2025
Key Contacts
Senior Managing Director
Senior Managing Director
Senior Managing Director