DOZENS of jobs are at risk at an award-winning Moray technology business after the last-minute collapse of a US merger bid.
AccuNostics, which develops equipment for the diagnosis and treatment of diabetes, is consulting advisers and expects to go into administration following the breakdown of talks with a potential buyer in America.
The firm, which is headed up by chief executive Giles Hamilton, had entered into an agreement with a US parent company – and expected its staff to become part of the new business by the end of this month.
However, bosses confirmed last night that the offer has been withdrawn at the 11th hour due to “market uncertainty”.
A spokesman for AccuNostics said: “The last-minute change comes after significant challenges to the diabetes industry over the last year.
“Competitive bidding in the US healthcare market has led to a 72% reduction in the reimbursed price for diabetes test strips. All diabetes companies worldwide have been affected by this, particularly those with a large element of research and development activity.
AccuNostics has been based in Forres since a £4million public investment in 2011, including £2.5million from the Scottish Government and £1.5million from Highlands and Islands Enterprise (HIE).
The firm was founded in 2008 and employs 35 people developing medical technology at the leading edge of the diagnosis and treatment of diabetes.
The business, a previous winner of the Moray Chamber of Commerce “most promising company” award, has worked with some of the world’s biggest life science firms.
David Oxley, Moray area manager for Highlands and Islands Enterprise, said his team would be seeking urgent talks with bosses in an effort to support employees.
“Naturally, this is very disappointing news,” he said.
“Highlands and Islands Enterprise helped to set up AccuNostics in Forres in 2011, and has worked closely with the business ever since.
“We have contacted colleagues in Skills Development Scotland to set up PACE (Partnership Action for Continuing Employment). This will ensure that any member of AccuNostics staff who may be facing redundancy is able to obtain advice and support.
“It looks very likely that an administrator will be appointed soon, and we will be seeking an urgent meeting. In particular, we want to explore options which could retain skilled employment in Forres.”
Moray MP Angus Robertson described the blow as “extremely concerning”. He said: “People throughout Moray had high hopes that this cutting-edge firm would go from strength to strength. Myself and Richard Lochhead are seeking an emergency meeting with HIE to discuss what can be done.”
Mr Lochhead, MSP for Moray, added: “In recent years, AccuNostics has given grounds for optimism about its business growth.
“This is a total shock.”
Forres councillor George Alexander said: “This is very worrying, considering that the firm has not been in Forres for very long.”