BPE Solicitors LLP has advised AIM-listed Fortis Frontier plc (formerly MyHealthChecked plc) on the sale of its trading subsidiary, Concepta Diagnostics Limited, to Boots UK Limited for £2.375 million.
The transaction sees Fortis Frontier plc become an AIM Rule 15 cash shell following shareholder approval. Concepta Diagnostics, based in Cardiff, develops at-home health and wellness testing kits supported by a proprietary digital platform. The business has worked closely with Boots since 2021, including the development of its digital health testing offering launched in May 2023.
BPE’s Corporate and Commercial team spearheaded the deal, with Partner and Head of the team Kathryn King acting as lead adviser, supported by Partners Anthony Rudge and Laurence Twiselton, Solicitor Sarah Lungley and Paralegal Alex O’Neill.
On completion of the sale, former CEO Penelope McCormick joined Boots as Managing Director of Concepta, and Adam Reynolds became Executive Chairman of Fortis Frontier plc (having transitioned from a non-executive role). The listed entity also adopted a new name, as the “MyHealthChecked” intellectual property transferred to Concepta as part of the disposal.
Adam Reynolds, Executive Chairman of Fortis Frontier plc, said:
“This transaction provides a clear and positive way forward for both businesses. The disposal enables us to strengthen our balance sheet and focus on identifying new opportunities that will deliver value for shareholders. BPE have been vital throughout this process.”
Kathryn King, Partner at BPE Solicitors, commented:
“We were pleased to support Fortis Frontier plc on this important transaction. The sale to Boots provides a clear strategic route for the Concepta business and positions Fortis Frontier to pursue new opportunities as an AIM cash shell.”
For more information about BPE’s Corporate and Commercial team and recent transactions, please click here.
