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Cork Gully Rescues ReNeuron Group as a Going Concern
Cork Gully is pleased to announce the successful exit from Administration of the ReNeuron group, a UK based leader in stem cell derived exosome technologies, securing its future as a going concern.
Mark Smith and Stephen Cork were appointed to act as Joint Administrators of the AIM-listed ReNeuron Group plc and three underlying UK subsidiaries (“the Group”) on 20 March 2024.
Throughout the Administration period, Cork Gully leveraged their expertise to navigate a range of highly complex challenges, including negotiations with government and regulatory authorities, resolution of multi-facted site matters and oversight of ongoing operational affairs.
A key aspect of Cork Gully’s strategy was negotiating creditor claims at a substantial discount compared to initial expectations. In parallel, the successful resolution of a significant, disputed debtor position was instrumental in achieving this positive outcome.
Additionally, Cork Gully worked closely with retained staff to minimise business disruption and safeguard core patents – critical assets for the Group’s post-administration growth strategy.
By restoring the Group’s solvency, Cork Gully enabled full settlement of creditor claims while preserving and maximising investor value – an outcome that would not have been possible without Cork Gully’s involvement.
This success reinforces Cork Gully’s expertise in the life-sciences sector where the firm has led numerous high-profile and complex advisory and insolvency assignments in recent years.
Mark Smith, Partner at Cork Gully, said:
“After nearly 12 months in Administration, I am delighted to return ReNeuron to its management team in a stable and viable position. Throughout this process, we retained key staff to protect value while resolving a series of complex challenges to facilitate the Group’s successful exit.
Rescuing ReNeuron as a going concern is an outstanding result for all stakeholders and a testament to the hard work and commitment of both the ReNeuron and Cork Gully teams.
We wish ReNeuron Group, its employees, investors and other stakeholders every success in the future”.
Iain Ross, Chairman of the Group, commented:
“Cork Gully played a crucial role in guiding ReNeuron through a challenging period, providing expert advice and hands-on support throughout the administration process. We appreciated their strategic approach in securing the best possible outcome for the business and their professionalism and dedication in navigating this complex situation.”