The Pharmaceutical Journal Vol 267 No 7160 p181-186
11 August 2001

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Refinancing of PCG Holdings approved

Shareholders in Primary Care Group Holdings Plc, a company founded by Royal Pharmaceutical Society Council member Andrew Burr, approved a refinancing package at an extraordinary general meeting held on 3 August. The company provides pharmaceutical and prescribing information to primary care organisations and recently opened a pharmacy at Tamworth, Staffordshire (PJ, 7 July).

The company had been forced to hold the meeting under the Companies Act 1985 because the net assets of the company had fallen below the value of half its called-up share capital.

David Taft, who was appointed chairman of PCG Holdings in April, told The Journal that the company had raised £400,000 through a private placing of shares in March. This had strengthened it financially and had been approved by shareholders at the meeting.

Mr Taft said that the company had rewritten its business plan to focus on acquiring smaller contracts to give pharmaceutical advice to primary care groups. Last year the company had spent considerable sums establishing a call centre and computer system for its medicines management programmes. The company was well placed for when the National Health Service moved into medicines management, Mr Taft said, as he believed it should do.

In the year to 31 December 2000, PCG Holdings reported an operating loss of £815,422 on a turnover of £142,654.

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