THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
VIP enters administration putting 265 jobs at risk

Electronic cigarettes retailer VIP has entered administration.

GENERAL MERCHANDISE

VIP enters administration putting 265 jobs at risk

Anthony Collier and Geoff Rowley, partners at FRP Advisory, have been appointed as joint administrators to Must Have Limited which trades as VIP.

Owned by US company Electronic Cigarettes International Group, the business operates 165 retail stores and employs 265 staff.

ECIG said VIP went into administration following an unpaid tax bill of around £2.5 million which is owed to HMRC.

It added: “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 MHL.”

The joint administrators at FRP Advisory are marketing the business for sale whilst continuing to trade the VIP business across its retail outlets and ecommerce division and retaining all 265 staff.

Collier said: “VIP is a strong and well established brand in the e-cigarette market. Historically the business has been profitable and cash generative and we are seeking to continue to trade the business whilst a purchaser is sought and invite interested parties to contact the administrators.”

VIP was bought by ECIG in 2014 for £30 million.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy