VM Realisations (2021) Limited (10048521): administration
- Status
- Administration ended
- Administration began
- 2021-01-25
- Administrators
- Benjamin Stanyon, Nedim Patrick Ailyan
- Administrators' firm
- FRP Advisory
- Formerly
- Vapemate Limited
- Incorporated
- 2016-03-08
- Location
- Brentwood
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- Parent or group failure
From the administrators' statement
FRP was initially introduced to the Group on 10 September 2020, with a remote meeting subsequently held on or around 5 October 2020. The focus of those discussions was the marketing/sale of the “Vapemate” e-liquid brands in isclation, together with its associated e-commerce and wholesale operations.
FRP’s Corporate Finance arm was formally engaged on 27 October 2020, with marketing commencing on 5 November 2020, with the objective of completing a solvent transaction within an 8-week period from engagement. This resulted in three offers for the business.
The three offers did not, however, prove deliverable due to the Group’s financial position and as a result, the directors recognised the Group to be both cash and balance sheet insolvent.
Administrators' statement of proposals (2021-05-04) · Companies House register