Pharmacy rescued

ADMINISTRATORS have confirmed a deal has been reached to sell one of four struggling Adelaide pharmacies linked to pharmacist, Peter Ting.

Under the agreement Chan Bok will take over as sole director of the Burnside Village Pharmacy, and will be a joint shareholder in the business, with James Cameron, The A er ser reported.

The pharmacy initially entered administration in Jun, months after Ting resigned as the sole director and shareholder of the store.

The Adelaide-based publication reported that under a deed of company arrangement, Ting’s daughter, Rachel Tze-Li Ting, will provide $430,000 to pay outstanding debts.

Administrator Alan Scott from SV Partners Director, said Ting’s funding combined with profits generated by the store in recent weeks would be used to repay employees and creditors.

“We will be paying a dividend in two tranches - the first one will be to employees in the next four weeks or so, and that will be for leave entitlements and superannuation,” he said.

“And then a dividend to the remaining unsecured creditors will occur later in the year.”

Scott said unsecured creditors could expect a return of 50c in the dollar under the deal.

Meanwhile a second pharmacy linked to Ting could be sold to Bok and Cameron, with Scott saying the Glenunga Pharmacy could be reopened if a deal is made.

However, he said the Findon Pharmacy, which also entered liquidation in Jul, would remain closed, with the liquidator trying to sell the stock, plant and equipment.