When management at Red Box Vape revealed to BusinessLive back in June that they intended to open at least 100 stores by the end of 2020 some might have been sceptical.
However, the Nottingham headquartered firm has finalised another acquisition deal.
The firm has acquired Vapour Lounge, which has five retail store outlets across Scotland, in a transaction that will add a further £750,000 to turnover.
Over 2019, Red Box Vape has now opened or acquired 24 stores across the UK so is on target for its strategic plan to open at least 100 stores by the end of next year.
The company is one of the fastest-growing UK brands in the sector.
Mark Shaw, managing director of Red Box Vape, said: "I would first like to welcome the Vapour Lounge team led by Ross Anderson to support our mission of providing a welcoming retail outlet for smokers that wish to quit.
"We exclusively support British made liquids to provide customers with the highest quality of product protection available.
"Vapour Lounge is a successful business with a strong client base and operates in a number of locations where we don’t have any representation and so is a good fit."
Although Red Box has purchased 100 per cent of Vapour Lounge, existing director Ross Anderson will remain within the business structure to ensure a smooth transition of ownership and drive increased profitability.
Ross Anderson said: "I’m pleased to be in business with Red Box Vape with such a clear vision about high quality and standards.
"Customers will notice very little change initially, particularly as my existing team already share the same objective of providing high standards of service.
"This deal gives us an opportunity to be part of a fast-growing business standing for quality, value and advocating the adherence to the highest standards of corporate governance."
Accountancy firm Coates & Partners, of Ashbourne, Derbyshire, acted as lead adviser in the Vapour Lounge acquisition, with legal representation from London-based solicitors Setfords.
