A UK-based research company specializing in cancer treatments has collapsed into liquidation, leading to the loss of all 14 jobs. TC BioPharm, which was founded in 2013 and focused on blood cancer research, could not find a buyer to rescue the business.
Administration and Liquidation Process
Michael Magnay and Rob Croxen of Alvarez & Marsal were appointed administrators of TC BioPharm in October 2025. They have now been made joint liquidators to oversee the winding up of both the operating company and its holding company.
According to documents, the company conducted research from its headquarters in Motherwell but made no sales as its products remained in clinical trials. It was funded exclusively by its parent company, TC BioPharm Plc.
Severe Liquidity Issues
The firm faced severe liquidity issues after being delisted from the Nasdaq exchange in March 2025. This delisting created significant financial challenges that ultimately led to its collapse.
Michael Magnay, managing director at Alvarez & Marsal, stated, "TC BioPharm carried out clinical-stage cell therapy from its combined office and laboratories site in Motherwell. We were appointed administrators over its operating company in October 2025 and immediately commenced an accelerated sales process during which we were able to recover value from some of its assets."
He added, "The business employed 14 people at the time of our appointment, and regrettably, it was necessary to make them redundant. Subsequently, we have been appointed liquidators over the holding company, which was listed on Nasdaq. We are now completing the process of winding up both entities."
Scottish Enterprise Response
A Scottish Enterprise spokesperson commented on the situation, highlighting the risks involved in investing in early-stage companies. "We co-invest in very early stage, high growth potential companies because it is high risk and the market has needed public sector intervention," the spokesperson said.
"While we’ve seen losses due to the nature of this part of the market, our cumulative investment of £889m over more than twenty years has seen a financial return of £478m and created a portfolio currently valued at more than £447m, while also leveraging £2.65bn of private capital into hundreds of companies."
The collapse of TC BioPharm underscores the challenges faced by research firms in the high-risk biotechnology sector, particularly those reliant on public funding and stock market listings.
