Review Adapt Evolve

Tackling the business impacts of COVID-19

Corporate Finance

Restructuring Advisory

Debt Advisory

Securing a fast sale for e-cigarette empire

Debt deal enables charity to weather COVID storm

Recovering a multi- million pound debt

Delivering holistic solutions for businesses Case studies Our integrated Corporate Finance, Debt Advisory and Restructuring Advisory teams work collaboratively to achieve tangible results for our clients. We draw on the breadth of our services to manage risk, preserve and recover value.

Must Have Ltd

Project Advance

RedX

Must Have Ltd (trading as VIP Electronic Cigarette) was the UK’s leading e-cigarette retailer, with a network of over 100 retail units, but financial pressures at its US parent company led to the appointment of FRP as administrators. With the business continuing to trade, our Corporate Finance and Restructuring Advisory teams worked to find a buyer for the business as a going concern under an accelerated timetable. Drawing on our extensive network of potential trade and private equity buyers to run a competitive process, the business was sold to Nicoventures Retail (UK), a subsidiary of British American Tobacco plc, for £11.9 million, preserving 265 jobs.

A major international charity with iconic UK visitor attractions needed a cost-effective debt financing solution to maintain liquidity during the COVID-19 pandemic. FRP was engaged to negotiate a flexible financing package that would allow the charity to meet its immediate funding needs, support capex, and enable it to weather the reduction in visitor numbers linked to the pandemic. Our Debt Advisory team assisted in negotiating highly cost-competitive terms from the charities and public sector department of a major UK bank, delivering a financing structure that provides the necessary mid-term liquidity while enabling the charity to continue its activities without significant operational restrictions.

Liverpool City Council was a creditor of a pharmaceutical research group, having made loans from its regeneration fund and provided unsecured funding from government funds. Despite deadline extensions the group was unable to repay the secured debt, and when a formal demand was not met, FRP was appointed as administrators. Our Restructuring Advisory team ensured the business remained trading until it was returned to solvency and relisted on the AIM some five months later. A sale of intellectual property achieved $40 million, providing the group with enough funds to repay all creditors in full; approximately £14 million of surplus funds were transferred to the group on its return to solvency.

Corporate Finance

Debt Advisory

Restructuring Advisory

Restructuring Advisory

Restructuring Advisory

Corporate restructuring

Special situations M&A

Raising and refinancing debt

Special situations M&A

frpadvisory.com

frpadvisory.com

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