North West Deals

The tobacco giant behind the Lucky Strike brand has confirmed its acquisition of a North West e-cigarette business after the deal was initially revealed by Insider.

In a section of its interim results entitled "other changes in the group", British American Tobacco said it had bought certain assets from Must Have Ltd (MHL) in the UK, including the electronic cigarette brand ViP.

Earlier this month (July), Insider revealed that a company called Nicoventures Retail (UK) Ltd had swooped to buy the business and assets of the profitable MHL for £11.9m from the hands of administrators at FRP Advisory, with the same purchaser also acquiring associated company Vapestick Group. The transaction ensured all 265 jobs transferred over.

Nicoventures Retail (UK), which is controlled by VIP co-founder Miguel Corral and finance director Don Haymes, is registered to British American Tobacco's London headquarters and a host of executives from the listed group's Next Generation Products division are listed as directors.

British American Tobacco was an unconnected party to MHL prior to the Nicoventures Retail (UK) Ltd deal but the tobacco giant has in recent years invested more than $1bn in its Next Generation Products division, which specialises in vaping products, as it seeks to diversify.

In the six months to 30 June 2017, British American Tobacco reported a 16.3 per cent increase in profit to £2.57bn and said it was the "largest vapour company in the world".