UK
Ireland
ReSolve Completes Sale of Lyphe Group
ReSolve announces the sale of the business and certain assets of Lyphe Group Limited (“Lyphe Group” or the “Company”) to Eezy Group Limited (“Eezy Group”).
Lyphe Group was a UK pioneer in medical cannabis, spanning product manufacturing, clinical care, pharmacy dispensing and engagement with medical professionals. The Company’s mission is to enable access to medical cannabis where there is a patient need. Lyphe Group was established as the UK market’s largest player with a 30% share of all patients and has since expanded its platform to Australia.
Despite this, corporate distress caused primarily by cash flow and supply chain issues led to the appointment of joint administrators Cameron Gunn and Ben Woodthorpe of ReSolve on 17 November 2023.
Lyphe Group was the holding company of multiple operational subsidiaries, the majority of which continued trading despite the administration of Lyphe Group. Administrators are appointed solely over the holding company.
Following an accelerated sale process, ReSolve successfully sold the business and certain assets to Eezy Group on 21 December 2023. This was a connected party sale to a new company set up by a former director, and principal secured creditor of Lyphe Group, Simon Lawley. The majority of employees were maintained, excluding three roles which regrettably were made redundant.
We are delighted to have been able to find a purchaser for Lyphe Group so that it can continue the Company’s mission to help patients access medical cannabis and reduce the stigma around this. We wish Eezy Group every success in the future.
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.