Taxpayer-Backed General Medicine Digital Platform Push Doctor Closes to Administration Amid Sales Talks | Economic news
One of Britain’s largest digital GP counseling platforms is about to be administered, putting millions of pounds of taxpayer money at risk.
Sky News has learned that Push Doctor, whose services are available to nearly six million people across the UK, may go bankrupt in the coming days.
Sources in the city said Thursday that BDO, the accounting firm that advised Push Doctor on financing options, was in talks with Square Health, a private health services provider, over a sale.
A deal could be structured like a pre-pack administration – through which a company is sold without its previous financial commitments – although efforts continued on Thursday to strike a solvent deal.
Boots, the UK’s largest drugstore chain, and Babylon, the New York-listed digital health app, have also reportedly explored Push Doctor offerings in recent weeks.
If it goes under administration, Push Doctor will become the last of a small number of companies backed by the Treasury’s Future Fund to collapse in insolvency proceedings.
The digital GP app was founded in 2013 by Eren Ozagir, who left the company five years later.
Its blue chip backers included Draper Esprit, the venture capitalist who recently announced he was changing his name to Molten Ventures, and Legal & General, who inherited a significant stake in the company during the acquisition of ADV, a leading financial backer. technology companies.
At one point, Push Doctor was described as Europe’s largest digital health provider.
In total, he has raised tens of millions of pounds from shareholders, and he has been aiming for another round in recent months.
Its latest accounts, however, warned that its auditors doubted its ability to continue operating.
The company works with around 90 general practitioners and employs around 100 people.
Its fortunes contrast with those of Babylon Health, which was listed in the United States this year through a merger with a specialist acquisition company and now has a market value of over $ 3.5 billion.
Push Doctor, BDO, Draper Esprit and L&G all declined to comment, while Square Health could not be reached for comment.