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Phoenix chief executive denies insolvency rumours

Rumours that wholesaler Phoenix is on the point of insolvency or aboutto be sold have been scotched by Paul Smith, chief executive officer ofPhoenix Medical Supplies Ltd

Rumours that wholesaler Phoenix is on the point of insolvency or about to be sold have been scotched by Paul Smith, chief executive officer of Phoenix Medical Supplies Ltd.

“Recent rumours of the insolvency of the UK Phoenix business are completely unfounded and untrue,” Mr Smith told The Journal.

Reports in the national press regarding the Merckle family, the owners of Phoenix, do not relate directly to the Phoenix UK business, Mr Smith added.

The Financial Times has reported (4 December 2008) that Phoenix was one of three companies owned by the Merckle family to be listed as collateral to banks and may have been at risk of being sold.

Mr Smith said that it is not Phoenix’s normal practice to respond to rumours but the company wants to assure all its partners, customers and employees that the rumours are untrue.

He added: “The directors of Phoenix are continuing to concentrate on its business and we will continue to have a successful business for the foreseeable future.”

Citation: The Pharmaceutical Journal URI: 10043370

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