FRP Advisory has been appointed as administrator to Must Have Limited, which trades as VIP and has 165 retail stores across the UK.
VIP, which is based in Radcliffe, Greater Manchester, will continue trading and all 265 staff will be retained while FRP seeks a buyer for the business.
Its US owner, Electronic Cigarettes International Group (ECIG), said Must Have Limited was placed in administration after it was left unable to pay taxes of around three million US dollars (£2.5 million) to HM Revenue and Customs.
The group added the administration has also triggered around 104 million US dollars (£85.3 million) of outstanding debt to be "immediately due and payable".
Dan O'Neill, chief executive of ECIG, said: "Legacy financial commitments and Must Have Limited's under-performance in the UK prevented the subsidiary from meeting its financial obligations."
VIP, which is based in Radcliffe, Greater Manchester, will continue trading and all 265 staff will be retained while FRP seeks a buyer for the business.
Its US owner, Electronic Cigarettes International Group (ECIG), said Must Have Limited was placed in administration after it was left unable to pay taxes of around three million US dollars (£2.5 million) to HM Revenue and Customs.
The group added the administration has also triggered around 104 million US dollars (£85.3 million) of outstanding debt to be "immediately due and payable".
Dan O'Neill, chief executive of ECIG, said: "Legacy financial commitments and Must Have Limited's under-performance in the UK prevented the subsidiary from meeting its financial obligations."
on Fri, 03/10/2017 - 03:14 admin
