A fast-growing vape device and accessories firm headquartered in Nottingham has secured a deal to buy 11 stores from a counterpart company as part of an aggressive expansion programme.
Red Box Vape aims to open at lease 100 stores by the end of next year and wants to achieve its goal through , as well as launching new stores and offering franchise options.
The company has bought the 11 stores from Barracuda, which is headquartered in Cardiff and owned by Fast Fuse Ltd, as part of this project. The fee for the sale has not been disclosed.
Mark Shaw, managing director of Red Box Vape, said: "It's fantastic to have landed such a well-established chain as Barracuda. It represents the beginning of a significant sea-change in the retail vape market. We are aiming very high indeed.
"Red Box Vape is making no secret of the fact that it's in acquisition mode. We absolutely intend to reach 100 stores as quickly as possible. The Barracuda deal with Fast Fuse is just the first of many."
Red Box provides vaping equipment and liquids for vape devices. The 海角视频 vaping industry is now worth an estimated £1 billion and is projected to be worth £4.6bn by 2021.
Nine of the stores Red Box has acquired are in the South Wales area, with additional branches in Bristol and Dumfries, Scotland.
And while the company has bought 100 percent of the Fast Fuse empire, its director Lee Woolls is expected to remain in the business to allow a smooth transition.
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Mr Shaw said: "Customers will notice very little change initially, particularly as Lee and the Barracuda team believe in the same high standards of service that we do at Red Box Vape. It will effectively be business as usual."
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Mr Woolls added: "Selling a successful business was not an easy decision, but I'm delighted we've found a buyer in Red Box Vape with such a clear vision about high quality and standards. We know our customers and staff will be left in very good hands."
While the purchase fee remains undisclosed, Mr Shaw indicated the 11 Barracuda stores would add around £1.5m to Red Box Vape's annual turnover.
Red Box Vape has also recently finalised a joint venture deal to open a Red Box Vape store in Oakham, Leicestershire. Negotiations are also under way with three other 海角视频 vape businesses to acquire another 30 stores from the Midlands to Scotland.
The company opened its first flagship store in Nottingham last July.