A Covid-19 testing contractor during the pandemic has entered administration.
Circular 1 Health, which is registered in Warwick Bridge, Carlisle, recently employed more than 40 people across its operations in Cumbria and Manchester.
According to its most recently published accounts, the company turned over more than £35m in the period from June 26, 2020, to November 30, 2021. It also made a pre-tax profit of £6.4m over that time.
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Gary Lee and Kenneth Pattullo of restructuring experts Begbies Traynor have been appointed as joint administrators of Circular 1 Health Limited.
Mr Lee 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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