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Hedge to the rescue at Sinclair Pharma
Created: 1 March 2010 Updated: 2 March 2010 Written by: Nigel Bolitho
A former hedge fund manager, Chris Spooner, has ridden to the rescue of Sinclair Pharma. He raised £18m (offered £28m) in a placing and open offer in December in addition to a new £12m debt facility.
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Mr Spooner replaces the company's founders and makes a number of criticisms about how the business has previously been run. A telling slide in a presentation shows that Sinclair has been spending far too much on administration and the cost of goods so gross margins were much less than the industry average. The high figure for costs of goods sold (against industry averages) could also suggest that the company has not been tendering effectively.
Sinclair has also been slow to move from selling single products via single distributors to a multi-product/single distribution model - as seen in India. Why also has the company been contracting out so much manufacturing when its French plant in Clery is under-utilised? Mr Spooner has already found annualised savings of over £1.5m. But his biggest success to date is probably the acquisition in December of two wound-care products from Belgian chemicals giant Solvay. Sinclair paid €17.5m (£15.9m) which was some €10m less than a previous bid that failed because of a lack of finance. In return the company obtains sales of over £9m a year from products that have not been promoted for some six years because of production capacity constraints. They are off-patent but need clean-room facilities so Sinclair hopes to keep copycat rivals at bay.
The large half-year loss includes £9.8m of exceptional debts. Broker Singer Capital Markets forecasts 12-month sales to fall £3m to £27.4m but expects no more exceptionals.
Created: 1 March 2010 Updated: 2 March 2010 Written by: Nigel Bolitho
A former hedge fund manager, Chris Spooner, has ridden to the rescue of Sinclair Pharma. He raised £18m (offered £28m) in a placing and open offer in December in addition to a new £12m debt facility.
Advertising
Mr Spooner replaces the company's founders and makes a number of criticisms about how the business has previously been run. A telling slide in a presentation shows that Sinclair has been spending far too much on administration and the cost of goods so gross margins were much less than the industry average. The high figure for costs of goods sold (against industry averages) could also suggest that the company has not been tendering effectively.
Sinclair has also been slow to move from selling single products via single distributors to a multi-product/single distribution model - as seen in India. Why also has the company been contracting out so much manufacturing when its French plant in Clery is under-utilised? Mr Spooner has already found annualised savings of over £1.5m. But his biggest success to date is probably the acquisition in December of two wound-care products from Belgian chemicals giant Solvay. Sinclair paid €17.5m (£15.9m) which was some €10m less than a previous bid that failed because of a lack of finance. In return the company obtains sales of over £9m a year from products that have not been promoted for some six years because of production capacity constraints. They are off-patent but need clean-room facilities so Sinclair hopes to keep copycat rivals at bay.
The large half-year loss includes £9.8m of exceptional debts. Broker Singer Capital Markets forecasts 12-month sales to fall £3m to £27.4m but expects no more exceptionals.
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