Vaping company VIP goes into administration

Written by companyrescuelondonadmin 3 April 2017

Owned by US giant Electronic Cigarettes International Group (ECIG), the company Must Have Ltd (which trades as VIP across the UK) has gone into administration after failing to pay a £2.5 million tax bill. 

ECIG said in a statement:

“Despite multiple attempts to satisfy the tax obligation and other expected near term obligations, the company is unable to continue to fund the operations or any obligations of Must Have Ltd.” 

“Legacy financial commitments and MHL’s underperformance in the UK prevented the subsidiary from meeting its financial obligations”.

Categories: Administration, What is administration