The 30 people employed at Forres Enterprise Park firm AccuNostics were left shocked when they were told at a staff meeting on Friday to go home.
Accunostics has been considered as one of the most successful companies based in the north east, leading the way in diagnostic research that has enhanced the lives of thousands of diabetes sufferers.
The company had entered into a merger agreement with a US company – but that was pulled at the last moment with “market uncertainty” cited as the reason. As a result Accunostics now expects to go into administration.
A company spokesman told the Press and Journal newspaper: “Competitive bidding in the US healthcare market has led to a 72% reduction in the reimbursed price for diabetes test strips.
“All diabetes companies worldwide have been affected by this, particularly those with a large element of research and development activity.”
Accunostics received the “Most Promising Enterprise” award at the Moray Chamber of Commerce annual dinner 18 months ago having only recently brought a new £5million investment into Moray. They were named the “company to watch” by a Scottish Business magazine.
The company arrived in Forres in 2011 with the help of a £4million public investment – £2.5million of which came from the Scottish Government and the remainder from HIE.
Moray’s MP, Angus Robertson, and MSP, Richard Lochhead, said last night that they would be seeking “urgent talks” to discuss the threatened closure.
Mr Robertson said: “People throughout Moray had high hopes that this cutting-edge firm would go from strength to strength. Myself and Richard Lochhead will be seeking an emergency meeting with HIE to discuss what can be done.”