NEWS RELEASE:
Britain’s fastest-growing retail vape brand has today announced the acquisition of Vapour Logic in a move which adds a further 5 retail store outlets as part of its continuing acquisition programme.
The acquired stores are in the North East and bring the total number of Red Box stores across the UK to 19. The move is part of a plan to open at least 100 Red Box Vape stores by the end of 2020. This will be achieved through the opening of brand new store premises as well as by acquisition.
Mark Shaw, managing director of Red Box Vape, said:
“We are delighted to have concluded the transaction with Vapour Logic which will add a further £0.6 million to our turnover. Vapour Logic operates in a number of locations where we don’t have any representation and so meets our philosophy of providing a welcoming retail outlet for smokers that wish to quit.”
Red Box Vape has previously announced the fact that it’s in acquisition mode with a pipeline of further potential acquisitions as part of a plan to reach 100 stores as quickly as possible.
Although Red Box has purchased 100 per cent of Vapour Logic existing director Clayton Scott is expected to remain within the business structure to ensure a smooth transition of ownership.
Mr Shaw said:
“Customers will notice very little change initially, particularly as the existing team share the same high standards of service that we do at Red Box Vape.”
Mr Clayton Scott added:
“I’m pleased to be in business with Red Box Vape with such a clear vision about high quality and standards. We look forward to being part of Red Box Vapes future growth strategy and to making available to our customers the wide range of Red Liquids products”
Accountancy firm Coates & Partners, of Ashbourne, Derbyshire, acted as lead adviser in the Vapour Logic acquisition, with legal representation from London-based solicitors Setfords.
NOTES TO EDITORS:
Red Box Vape Ltd is the retail arm of parent company Red Box Liquids Ltd, which operates from its head office in Nottingham. The group also includes Red Liquids Ltd, the own-brand e-liquids manufacturing and distribution arm of the group. Red Box Vape is supported by an online store redboxvape.com.
The group of companies was formed with ambitious plans to create a network of vape stores across the UK.
Brand Philosophy
The Red Box enterprise was launched in March 2018 after the directors identified a gap in the retail vape market. Having already decided to create a quintessentially British vape brand with a focus on the sale of UK-manufactured liquids, their research quickly uncovered a distinct lack of quality among rivals on the high street. Too many stores appeared dark and intimidating, too heavily focused on younger vapers, and many not offering anything like the level of customer service excellence that Red Box was determined to provide. And so Red Box has created a vape store environment that is clean, friendly and non-judgemental, one that the team genuinely hopes will provide a warm welcome to the millions of adult smokers in the UK who are yet to find an alternative to tobacco but who may have been intimidated by the prospect of going into a vape store.
All Red Box Vape stores carry the distinctive branding of the company, including the iconic Red telephone box.
Facts & Figures
£1bn Estimated value of the UK vaping industry
£4.6bn Projected size of the UK vaping market by 2021
£111bn Benefit to the UK from people who have given up smoking as a result of vaping
2,000 Approximate number of vaping outlets in the UK
95% Public Health England’s estimate of the harm reduction of vaping compared with smoking tobacco products
7.6m Smokers still in the UK (according to the UK Vaping Industry Association)
2.9m Vapers in the UK
20,000 Public Health England’s estimate of how many people could give up cigarettes every year thanks to vaping
1.5m Vapers that have quit smoking altogether
5bn Cigarettes not smoked due to switch to vaping
Contact:
For media enquiries, contact:
Mark Shaw
mark.shaw@redboxliquids.com
07539 429670