Moorfields complete successful sale of Premium Electronic Cigarette Retailer saving over 40 Jobs
Administrators at Moorfields Corporate Recovery have rescued a struggling electronic cigarette retailer through a pre-pack administration.
Simon Thomas and Shelley Bullman of leading restructuring and insolvency firm, Moorfields Corporate Recovery LLP, were appointed administrators over iSmoko UK Limited.
iSmoko is a premium retailer of electronic cigarettes with 15 kiosks located across shopping centres around the UK including Suffolk, Buckinghamshire and Kent.
Moorfields advise that the business and assets of the company were sold on the 16th August 2013, the purchaser will continue to trade under the “Smoko” brand.
Simon Thomas, Joint Administrator at Moorfields “We are pleased to announce the sale of iSmoko. With consumers looking more closely at their disposable income, a number of people are looking to cut back on smoking. As a result the electronic cigarette industry is expected to grow rapidly over the next 2 years. This provides a great opportunity for the purchaser.
If you require any further information, please contact Moorfields Corporate Recovery by email to info@moorfieldscr.com or 0207 186 1144.
For media enquiries, please contact:
Katie Smith
Tel: +44 (0) 20 7186 1143
Email: ksmith@moorfieldscr.com
About Moorfields
Moorfields is a leading provider of Corporate Advisory, Restructuring and Insolvency Services.
Our specialist property team is dedicated to supporting secured lenders in handling some of the complex issues arising in property insolvency. Unlike many other firms our property team dedicate 100% of their time to property assignments so are constantly up to date with the latest developments and market related issues. Our expert knowledge and understanding of different types of property mean we can readily identify the most appropriate strategy. Our focus is to offer a dedicated service with straight forward options and realistic solutions to ensure we maximise the financial outcome for our clients.
Moorfields Corporate Recovery is proud to have been awarded Corporate Recovery Firm of the year at the Insolvency and Rescue Awards 2012
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