Major rejig to cure Wellco’s ills

2007-12-19 00:00

Troubled health and wellness company Wellco, which counts Herbology, the range of nutritional supplements endorsed by international health guru Patrick Holford, among its brands, yesterday announced the acquisition of Bioharmony and Muscle Science from pharmaceutical giant Enaleni.

Mike Allen, Wellco’s new chief executive, said that this acquisition would play a strategic role in repositioning the business, which was bought out by a consortium in October this year.

The company, dogged by an inability to meet earnings targets, controversial resignations at management level, retrenchments and failed export projects, was suspended on the JSE in April this year. It listed in 2005.

By October, liabilities exceeded assets by R9,3 million and its loss for the year to end February 2008 had reached R34,8 million from R710 000 the previous year.

Allen said he is confident that the new entity — to be renamed BioScience Brands and relocated from Pretoria to Durban this month — now has a bright future.

It will remain a listed entity.

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