Cork Gully rescues ReNeuron Group as a going concern

Cork Gully has announced 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 on 20 March 2024.

Throughout the administration period, Cork Gully said it navigated a range of “highly complex challenges”, including negotiations with government and regulatory authorities, resolution of multi-faceted 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 added it 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.

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, added: “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.”