Fri, 25 Nov 2022 | ADMINISTRATION
A buyer is being sought for Swansea-based vaping business Lumo Liquids Ltd after it entered administration. The company, incorporated in 2014, manufactures and sells a wide variety of e-liquid vaping products.
Its focus is on e-liquids (mixing, filling and packing e-liquid bottles, creating white label e-liquids, vape brands), nicotine services (mixing diluted nicotine solutions, mixing nicotine salt solutions, mixing bulk e-liquids) and POD filling (filling and packing vape devices, cartridges and PODs).
The company had experienced a sustained period of significant growth, building a portfolio of well-known vaping brands, modern production lines, blue chip customers (including British American Tobacco) and proprietary/in house developed product formulas.
However, after two of the firm’s key customers opted to move manufacturing and supply chains into mainland Europe, the company lost contracts representing over 85 per cent of its revenues. These lost sales could not be replaced quickly enough to offset trading losses, prompting Lumo Liquids’ directors to appoint administrators in order to conduct a sale of the business.
Mark Boughey and Conrad Pearson of Mazars have been appointed as joint administrators and the company will continue to trade while a buyer is sought for all or part of its business and assets.
Joint administrator Mark Boughey commented: "The core business, strong brands and production facilities are likely to be attractive to competitors and other interested parties.”
"Accordingly, we continue to trade the business and we are actively seeking a buyer for all or part of the company’s business and assets."
In its unaudited financial accounts for the year ending December 31 2021, Lumo Liquids’ fixed and current assets were each valued at slightly under £1.1 million, with the firm’s net assets amounting to £1.4 million.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
A well-established company providing metal finishing services since the 1980’’s they have expanded both the range of products that they offer and the company itself.
They are a leading manufacturer of Digital Portable Tachometers & associated devices in Europe. They specialise in the design and manufacture of high-quality speed measurement products, and have been doing so for over 40 years. In addition, the compa...
The company designs and manufactures fluid systems for automotive OEMs, including fuel and vapour systems, coolant, air, and SCR systems. Focusing on lower volumes and higher margins, the company prides itself on its end-to-end service and is accredi...
Interflex Limited, a manufacturer of automotive parts in Not...
Fox Industrial Services Limited, a construction firm based i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.