Mercer & Hole safeguard 35 jobs with sale of Inside Biometrics

Mercer & Hole Chartered Accountants’ corporate advisory services team has announced that it has facilitated the sale of Dingwall life sciences company Inside Biometrics to a division of Glucorx, a supplier of diabetes products and glucose testing solutions, saving a more than 30 jobs.

Mercer & Hole’s corporate advisory partner, Chris Laughton was appointed administrator when Inside Biometrics ran out of cash and risked having to close its doors.

The company specialises in health monitoring for people with diabetes and earlier this year won the innovation category at the Scottish Life Sciences Awards for its KEYA device also supplies its health tracking devices to the Sky cycling team.

However, it was struggling to raise additional funds from its existing investors.

Those discussions continued whilst in parallel Mercer & Hole’s corporate finance director Mike Orton and senior manager Tom Pollard sought a buyer for the business and its assets.

The Inside’s 35 strong workforce includes a skilled research and development team, who developed the NHS approved KEYA meter and test strip for diabetic patients, measuring glucose and ketones in the same test. Working with the company’s directors, the Mercer & Hole pair were able to trawl the industry and engage with a purchaser of the business who, crucially, was willing to take on all the staff and maintain employment and business activity in the Highlands and Islands.

Highlands and Islands Enterprise, one of the Scottish Government’s economic and community development agencies, was able to encourage the acquisition in view of the economic benefits brought by the continuation of valuable research and development activity in the region.

Welcoming the outcome, administrator Chris Laughton said: “Inside Biometrics had succeeded in delivering a significant new product to market. I am delighted as administrator to have been able to sell the business and assets, generating value for creditors while preserving employment.”

The purchaser is Inside Biometrics International Limited, part of GlucoRx, a supplier of management solutions for diabetics.