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

Accountancy Practice: 2 Partnered
Gwent, Wales, UK

This practice, which was established in 1955, is available for sale due to the impending retirement of the partners. Requirements: One of the partners will be available to assist in the transition period to ensure a smooth handover of clients. Offers...

Asking Price: Offers Invited
Turnover: £400,000

FREEHOLD


Accountancy: 4 Partner Practice
Cheshire, UK Wide

This practice, which was established in 2008, is available for sale due to the impending retirement of the partners. Offers invited.

Asking Price: Offers Invited
Turnover: £1,735,000

LEASEHOLD


Accountants: 2 Partner Firm
West Yorkshire, Yorkshire and the Humber, UK

This practice, which was established in 1985, is available for sale due to the impending retirement of the partners. Offers invited.

Asking Price: Offers Invited
Turnover: £360,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
05
 
Mar
 

Independent bathroom retailer enters administration | ADMINISTRATION

Thought to be the UK’s largest independent bathroom re...

 
21
 
Feb
 

Lakeside hotel enters administration | ADMINISTRATION

A historic but well-preserved hotel located on the banks of ...

 
31
 
Jan
 

UK's largest manufacturer of ceramic tiles enters administration | ADMINISTRATION

Based in Newton Abbot in Devon, British Ceramic Tile Limited...

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