Vaping giant VIP in administration, buyer sought

Wed, 08 Mar 2017 | ADMINISTRATION

An e-cigarette and vaping firm with more than 100 stores across the UK and 265 staff has collapsed, with administrators seeking a buyer for the business.

FRP Advisory has been appointed to Must Have, which trades as VIP and is owned by Electronic Cigarettes International Group (ECIG), a US supplier of e-cigarettes and assorted products.

In a statement ECIG said the business had been put into administration after it was unable to pay a £2.5 million tax bill to HMRC.

“Despite multiple attempts to satisfy the tax obligation and other expected near term obligations, the company is unable to continue to fund the operations or any obligations of Must Have,” the statement read.

VIP will continue to trade while FRP seek a buyer.

FRP Advisory said: “Historically the business has been profitable and cash generative and we are seeking to continue to trade the business while a purchaser is sought.”

"Based on the administration process in the United Kingdom we will be evaluating the strategic alternatives available for the future of the company," said Dan O'Neill, ECIG's CEO.

"Legacy financial commitments and MHL's underperformance in the UK prevented the subsidiary from meeting its financial obligations."

Here are the latest businesses in administration.
You can subscribe here.


Share this article



Latest Businesses for Sale

Haulage & Warehousing Services
UK Wide

Utilises a team of experienced drivers to provide tailored logistics solutions, with a focus on home delivery services, whilst also offering complementary warehouse solutions. Serves 20 active clients from a wide range of sectors, including retail, i...

Asking Price: Offers Invited
Turnover: £2,900,000

LEASEHOLD


Automotive Electrical Products & Services
UK Wide

Established for over 50 years.Provides a range of automotive electrical services including air conditioning, heating, tachographs, security systems, vehicle tracking and reversing aids for vehicle, plant and marine industries. Over 100 active clients...

Asking Price: Offers Invited
Turnover: £771,000

FREEHOLD


Freight Forwarding Services
South East, UK

Provides freight forwarding for a range of sectors, as well as warehousing and an array of other complementary services. Serves over 20 clients, with an 80% retention rate.Strong second-tier management team in place. Generates revenue on an internati...

Asking Price: Offers Invited
Turnover: £956,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
11
 
Aug
 

PPL Corp. seeks sale of Western Power Distribution | BUSINESS SALE

PPL Corporation has announced that it has put its UK utility...

 
10
 
Aug
 

Adelie Foods’ Urban Eat brand acquired by Samworth Brothers | BUSINESS SALE

Samworth Brothers has completed the £6.4 million acqui...

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
20
 
Jul
 

Buyer sought for sports bar chain | ADMINISTRATION

FRP Advisory are seeking a buyer for Rileys Sports Bar, afte...

 
29
 
May
 

Monsoon Accessorize close to administration | ADMINISTRATION

Fashion retailer Monsoon Accessorize is close to entering ad...

 
09
 
Apr
 

Long Eaton furniture manufacturer enters administration | ADMINISTRATION

Long Eaton-based furniture group JDP Furniture has entered a...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources