The Harrison Group, which is made up of 14 pharmacies and six medical centres, has entered into receivership.
Deloitte partners David Lombe and Jason Tracy were this week appointed as receivers and managers of the group, which includes Harrison’s Health and Beauty Pharmacies.
The collapse follows the receivership of the chain of Pulse Pharmacies last year, which collapsed with $72 million of debt.
The Harrison Group has pharmacies in New South Wales, Queensland, South Australia and Northern Territory, a number of medical centres and a head office in Sydney.
Advertisements were place in newspapers today offering the business for sale as a group or separately.
In the meantime, Lombe said all the pharmacies and medical centres would continue to trade normally.
“Our first task will be to undertake an urgent assessment of the company’s financial position and prepare the business for sale,” he said in a statement.
“There will be no impact on company operations, employees, customers and clients in the short term.”
Deloitte declined to provide any details of the businesses’ turnover or the major creditors involved. A first meeting of creditors will be held on April 8, 2013.
Cara Waters is the editor of SmartCompany. Cara was previously a senior reporter at the Financial Times website FT Adviser in London and has also worked for The Sunday Times.
