Restructuring specialists at Quantuma have helped save 73 jobs at I-Vapo Ltd, a Cambridgeshire-based electronic cigarette company that had run into cashflow difficulties, via a rescue deal
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.
Carl Jackson, Quantuma managing partner, was appointed as administrator to the Peterborough-based company last week. I-Vapo was founded in 2013 and had built up to a turnover of around £4m.
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.’
Report by Pat Sweet
