CAPA is aiding the recovery of an e-cigarette company where more than 70 jobs have just been saved in a rescue deal.
I-Vapo Ltd was rescued by restructuring specialists at Quantuma, the business advisory firm, in January 2018 after struggling with cash flow problems.
The Cambridgeshire-based business entered administration on January 23 but within 24 hours of going into insolvency, the administrator at Quantuma Carl Jackson managed to sell the business as a going concern to a new entity set up by the directors.
The 11th hour sale, which followed a marketing process, saved 73 jobs at the company and ensured all its 21 stores could stay open.
Quantuma has now instructed CAPA to conduct a rates audit on the 21 stores. This will involve a forensic analysis undertaken by CAPA’s auditors of rates across the sites. Bespoke software will be used to uncover any overspend or error, before recovering cash for the business.
CAPA’s rates audit will contribute to the ongoing recovery process for I-Vapo, which operated principally in eastern England and the east Midlands selling e-cigarettes and e-liquid.