The Village Pharmacy at Burnside is in administration and another at Findon has been closed
Administrators are negotiating to keep the doors open at Burnside’s Village Pharmacy, with debts of $1.7 million in play.
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The Village Pharmacy at Burnside Village shopping centre is in administration and another pharmacy at Findon has been closed, just months after the owner was made bankrupt.
Administrator Stuart Otway from SV Partners said the debt position was not entirely clear at the moment, but trade creditors of the two pharmacies appeared to be owed about $960,000 and banks another $800,000.
Peter Ting was the sole director of Village Pharmacy Burnside Pty Ltd from May 2014 until January 17 this year, when Yoon (David) Kim was appointed as sole director.
Mr Ting remains the sole shareholder.
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.
Mr Otway said negotiations to put in place a deed of company arrangement to allow the Burnside pharmacy to continue to operate were ongoing.
The pharmacy remains open at the moment.
The Findon pharmacy, which was sold “some years ago” to a competitor, but with a deferred settlement date, has been closed while the administrators negotiate with the purchaser, Mr Otway said.
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, including Burnside, Findon, and two more at 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 Otway said the reasons for the business failure were being worked through but the hit from the high demand from the COVID epidemic followed by severe lockdowns which meant the pharmacy was forced to close would have contributed.
Mr Ting and Mr Kim were unavailable for comment yesterday.
The Advertiser sought comment from Mr Ramsey via phone and email.