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

Provider of Coffee Machines & Related Products
South East, UK

Provides an extensive range of coffee machinery, which is imported from Italy and Spain, and coffee products, which are sourced within the UK. Offers invited.

Asking Price: Offers Invited
Turnover: £1,000,060

FREEHOLD


International Export Services
North West, UK

One of the UK's leading end-to-end service providers. Comprehensive export handling, packing and storage services, providing specialist cargo and goods management to a wide variety of international operations and private clients. 40+ years of success...

Asking Price: Offers Invited
Turnover: £1,300,000

South Down Fish Bar
Bath, South West, UK

Food Service Businesses: Fish & Chip Shops. Established, high turnover traditional Fish and Chip and hot food takeaway operating from busy parade location, Bath. Offers invited.

Asking Price: £190,000
Turnover: £338,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
24
 
Jan
 

Yorkshire engineering firm completes MBO deal | MBO/MBI

A West Yorkshire engineering group has been taken over by th...

 
22
 
Jan
 

Jewellery retailer enters administration | ADMINISTRATION

A Nottingham-based jewellery and watches company has fallen ...

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
17
 
Nov
 

Warm Zones enters administration | ADMINISTRATION

A North Shields-based non-profit business dedicated to helpi...

 
17
 
Oct
 

IT distribution company enters administration | ADMINISTRATION

Beta Distribution, a specialist IT services and distributor ...

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