Unsecured creditors of parts of a healthcare group behind a virtual GP service used by NHS patients are facing a deficit of about £300 million after it collapsed into administration.
Insolvency experts at Alvarez & Marsal were appointed in August at Babylon Partners, the main British operating company of Babylon, after the group’s New York stock market listing soured and Albacore Capital, a secured creditor of Babylon Partners, called time on its debts. In addition to Babylon Partners, Babylon Group Holdings, a British holding company, also has entered administration.
Babylon was founded in 2013 by Ali Parsa, an entrepreneur and former Goldman Sachs banker, with the intention of transforming the global healthcare market. It was championed by Matt Hancock, the former health secretary, during
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