Pulse founder files
September 24, 2012
ROHAN Aujard, the founder of
the collapsed Pulse Pharmacy
chain, has filed for bankruptcy.
The move follows a rejection by
creditors of a $500,000 offer by
Aujard which would have equated
to a payout of 4c in the dollar,
according to the Australian.
In an email circulated to industry
contacts Aujard places the blame
for the collapse on Sigma
Pharmaceuticals which reduced the
group’s trading terms from 120
days to 90 and then 30 days,
leading to significant cashflow
problems.
Pulse Pharmacy, which included
more than 70 branded stores across
the country, was placed into
receivership in Dec 2011 owing
more than $72 million.
Aujard’s email claims that Sigma
continued to offer extended trading
terms to other groups, and that a
proposal to switch supply to rival
wholesaler API was knocked back
by his bankers.
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