A Basildon pharmaceutical firm has warned of possible job losses, just months after its owners sold part of their business.

Benfleet millionaire brothers Vijay and Bhikhu Patel transferred a substantial part of Waymade, which is based on the Pipps Hill Industrial Estate, to the B&S Group in December.

The new owner has launched consultations with staff after deciding parts of the Basildon business were “not economically viable”.

The distribution arm of the business was taken over by B&S on January 1, while Waymade retained its Sovereign Generics operation and a pharmaceutical business, which is managed from offices in Miles Gray Road, Basildon.

A statement from B&S said: “At the end of December, Vijay and Bhikhu Patel decided to transfer the operation of a substantial part of their Waymade business to the B&S Group.

“This was largely to enable the brothers to take things a little more easily, as having been in business together for more than 40 years, they wished to spend more time with their families and in particular their grandchildren.”

After a review B&S says it has decided it needs to restructure the business to improve.

The statement added: “The review has indicated the productivity of some parts of B&S’s Basildon operation are not economically viable in their current form. B&S has therefore commenced a formal consultation process with specific staff groups regarding the future operation of these areas.

“It is possible following this consultation, a reduction in employee numbers may occur.

“However, at this stage, no decisions have been made about the future of any part of the B&S business based in Basildon.”

Last April, the Patel brothers ranked number 14 in the UK’s Asian Rich List, with the net worth of Waymade Healthcare said to be £500million.