Restructuring specialists at Quantuma have helped to rescue a Cambridgeshire-based electronic cigarette company that had run into cashflow difficulties, saving 73 jobs.
I-Vapo Ltd operated 21 shops, principally in Eastern England and the East Midlands selling e-cigarettes and e-liquid. The company also manufactured e-liquid and provided laboratory testing facilities for other manufacturers.
The Peterborough-based company was rescued by Quantuma administrator Carl Jackson within 24 hours of their appointment on Tuesday 23 January.
Carl Jackson said: “Financial issues arose due to heavy investment in the company’s technical division which was not ultimately supported by sufficient turnover to cover costs.
“But we have managed to sell the company’s business as a going concern, following a marketing period, to a new entity set up by the directors.”
Mr Jackson added: “We are delighted to have saved all 73 jobs and to have kept all 21 shops open by acting decisively with the directors of the new entity to secure the future of the company’s business.”
I-Vapo was founded in 2013 and had built up to a turnover of around £4 million.
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Notes to Editors
Quantuma LLP is a leading corporate recovery and business advisory practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.