Fri, 25 Nov 2022 | ADMINISTRATION
A buyer is being sought for Swansea-based vaping business Lumo Liquids Ltd after it entered administration. The company, incorporated in 2014, manufactures and sells a wide variety of e-liquid vaping products.
Its focus is on e-liquids (mixing, filling and packing e-liquid bottles, creating white label e-liquids, vape brands), nicotine services (mixing diluted nicotine solutions, mixing nicotine salt solutions, mixing bulk e-liquids) and POD filling (filling and packing vape devices, cartridges and PODs).
The company had experienced a sustained period of significant growth, building a portfolio of well-known vaping brands, modern production lines, blue chip customers (including British American Tobacco) and proprietary/in house developed product formulas.
However, after two of the firm’s key customers opted to move manufacturing and supply chains into mainland Europe, the company lost contracts representing over 85 per cent of its revenues. These lost sales could not be replaced quickly enough to offset trading losses, prompting Lumo Liquids’ directors to appoint administrators in order to conduct a sale of the business.
Mark Boughey and Conrad Pearson of Mazars have been appointed as joint administrators and the company will continue to trade while a buyer is sought for all or part of its business and assets.
Joint administrator Mark Boughey commented: "The core business, strong brands and production facilities are likely to be attractive to competitors and other interested parties.”
"Accordingly, we continue to trade the business and we are actively seeking a buyer for all or part of the company’s business and assets."
In its unaudited financial accounts for the year ending December 31 2021, Lumo Liquids’ fixed and current assets were each valued at slightly under £1.1 million, with the firm’s net assets amounting to £1.4 million.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
Seeking parties interested in the business and assets of a company that trades as a fabricator sub-contractor for large construction companies.
The company is well-established and operates from a third party owned quarry in Lincolnshire. The business quarries, manufactures and supplies a range of aggregate products, gabion stone and provides associated products and services throughout the Un...
An exciting opportunity to purchase the leading UK security, fire and Passivhaus doorset manufacturing company. A specialist in providing accredited doors for communal and multi-occupancy buildings, with the designs now established as market leading.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.