Nicoventures Retail (UK) will pay £11.9 million ($15.4 million) for the business and assets of VIP, a vapor company that went into administration earlier this year, reports Insider Media.
VIP reported sales of £21 million and a pretax profit of nearly £600,000 in 2016. After HM Revenue & Customs demanded repayment of a tax liability totaling £2.3 million, VIP’s management team attempted to raise money to purchase the company, but were unsuccessful.
This led to the appointment of FRP Advisory partners Anthony Collier and Geoff Rowley as administrators during the first quarter of 2017.
All 265 jobs at VIP will be transferred over to Nicoventures Retail.