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Totally appoints administrators as directors step down
(Sharecast News) - Totally is to enter administration and has completed the disposal of its key subsidiaries, the healthcare services company announced on Monday. The move follows a strategic review by Totally in May, which found that selling off divisions was the "only realistic route" to meet its debt obligations over the coming months, after failing to secure approaches for the parent company as a whole.
The firm, which works with hospitals, commissioners and trusts for insourcing and outsourcing services, saw its shares suspended from trade on Friday after filing a notice of intention to appoint administrators.
The board has now appointed Tim Vance and Sam Woodward as joint administrators, with directors Simon Stilwell, John McMullan, Robert Forsyth and Robert Harris all having now resigned.
Following the appointment of administrators, Totally has completed the disposal of its Elective Care and Corporate Wellbeing subsidiaries, as well as the business and assets of the Urgent Care division, to PHL Group.
"Following the appointment of administrators, the company reconfirms that the Strategic Review is not expected to result in any returns to shareholders of Totally," the company said in a statement.
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