Gilco, a prescription lab in England, has shut down after its managing director had to put it into administration, a form of bankruptcy protection. Keith Stevens, the managing director, tried to sell the business, but the buyer balked over issues in the agreement. The company's banks became impatient, and the day after the deadline for the sale, Stevens called in administrators. Thirty-one people lost their jobs at the company, which was founded in the 1960s. Stevens told Optician that it was difficult to find a buyer at all, as each interested party came in and saw the future liability of pension costs.