Bayswater-based Pharmaceutical Plant Company, which has been opened for the past 18 years, continues to trade, with administrators saying they are now looking for a potential buyer.
Administrator Simon Nelson of Romanis Cant told SmartCompany this morning the business has experienced some taxation issues.
"The business has had some taxation obligations it was unable to deal with, and we are working with the directors to sell as a going concern and get a good return," he says.
"Part of the idea to sell was that the director of the business is now 75, and he's looking for an exit strategy for the company."
PPC managing director Gordon Robertson was contacted by SmartCompany this morning, but was not available prior to publication.
The business was placed into administration on September 16, according to Australian Securities and Investments Commission documents.
The administrator says the business is a certified organic processor and has a license to manufacture herbal and homeopathic products. The business also has leased premises, and a licence to manufacture veterinary products, along with plant and equipment, the administrator says.
The administrator also says the business contains "extensive stock of finished products and raw materials", along with contract manufacturers and a "loyal practitioner clientele".
The business was founded in 1993, with the company's directors keen on responding to demand for organic products and herbal medicines. It says most of its growers are family-run SMEs, and uses a laboratory approved by the Therapeutic Goods Administration.
PPC also says it is the first processor of medicinal herbs to be certificated as an organic processor by the National Association for Sustainable Agriculture Australia. The business is also licensed by the Australian Department of Health and member of the Biological Famers of Australia group.
Expressions of interest are being sought through to October 21.
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