Vape store chain Totally Wicked has confirmed it has been - essentially – been taken over, although insists that it will be a case of business as usual from now on.
New investor, Wittyace UK Holding, now holds at least a 75% stake in the business, according to Companies House information, making it the dominant shareholder in the Lancashire-based company.
In a newly released press statement, it said it was “pleased to announce that it has successfully secured a new investor, positioning the company for significant growth across the UK and German markets.
“This investment underscores our commitment to expanding our reach and enhancing our offerings in these key regions,” it adds.
However, contrary to other news reports you may have seen, CEO Marcus Saxton (left) – a guest on Convenience Store’s new podcast on vaping this week, explained that any changes in staff at the top in the company have been widely misreported. “It’s worth nothing that news stories citing that other directors have left the business [are wrong]. They have merely resigned as directors due to the new corporate structure but are still in their roles as functional heads.”
Saxton will continue to serve as the controlling CEO, ensuring the company’s “strategic vision and operational excellence remain at the forefront of its initiatives.” The wider management team will also remain in place, dedicated to maintaining Totally Wicked’ “lead position within the market and driving innovative solutions for our customers,” it says.
This new investment is described as “a testament to the confidence in Totally Wicked’s robust business model and the potential for further success in the vaping industry.”
It adds: “We look forward to leveraging this opportunity to accelerate our growth and deliver even greater value to our customers, partners and stakeholders.”
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