Another pharmacy associated with the owner of Burnside Village Pharmacy shuttered
More details are emerging of the financial difficulties of the owner of a number of Adelaide pharmacies – including Burnside’s Village Pharmacy – as another eastern suburbs chemist goes into administration.
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A Glenunga Pharmacy has been shuttered and another company associated with the Village Pharmacy at Burnside placed in liquidation, bringing to four the number of related pharmacy companies under administration.
Separate liquidators were this week appointed to Glenunga Pharmacy Pty Ltd and Arkaba Pharmacy Pty Ltd, with both companies associated with Peter Ting.
Mr Ting, who stepped down as director of three pharmacy companies in January, shortly before he was declared bankrupt, also owns Village Pharmacy, which remains open but is under administration, and Findon Pharmacy which has been closed.
Stuart Otway from SV Partners is acting as administrator of Village and Findon, as well as liquidator of Glenunga.
He said the Glenunga Pharmacy, operating on Portrush Rd, appeared to have debts of about $200,000 at this early stage of his investigations, in addition to the approximately $1.7 million in debts for the other two combined.
The debt position of Arkaba Pharmacy Pty Ltd, which is being liquidated by Anthony Matthews and Associates, is unclear at this time, with The Advertiser seeking to clarify that with Mr Matthews.
Arkaba Pharmacy Pty Ltd is not associated with the Priceline Pharmacy at the Arkaba Shopping Centre, but appears to have previously occupied the same site.
Peter Ting was the sole director of three of the four firms until January 17 this year, when Yoon (David) Kim was appointed as sole director. Mr Kim was also sole director and owner of Glenunga, however Mr Otway said the three firms he was overseeing were all associated with Mr Ting.
Mr Otway said he did not have a full list of creditors for the Glenunga store as yet.
He said he would be meeting with stakeholders today with a report to creditors due in a week’s time.
Mr Ting was declared bankrupt in February this year, as a result of a creditors’ petition lodged by former Burnside Village Pharmacy director and owner Jeff Ramsey.
Mr Ramsey owns and operates a number of pharmacies in South Australia and interstate, branded under his name.
The biography of another company owned by Mr Ting, PharmacyLynx, where he was chief executive, says the team has more than 25 years’ experience in the pharmacy sector.
That company operated four pharmacies at Burnside, Findon, Glenunga and Glenside.
The Village Pharmacy website says it has been in operation for 40 years, specialising in health services but also high-end cosmetics.
Mr Ting could not be contacted.
