E-cig firm plans major store roll-out
CHESHIRE e-cigarettes firm 10 Motives is planning to open 50 shops over the next two years.
The Sandbach business, set up in 2008 by Art Devlin and Tony Jones, was bought by US-based cigarette maker Victory in June for £62m.
The business claims to sell 2.5 million units a month, mainly through supermarkets.
But it already has four shops under the Cirro brand and a further seven are in the pipeline. It ultimately wants to roll out 500 over the next two years in the North West, the Midlands and Wales.
Mr Jones said: “We have always had a very strong base in large retail and online. As we look to maintain our accelerated growth pattern we see huge potential in our own chain of dedicated E-cigarette outlets under the Cirro brand catering for existing and new customers who want an extended range of vaping devices and e-liquids.
“From the outset our strategy has always been to concentrate on our core business and surround ourselves with partners who are experts in their own fields. Regional Property Solutions is the perfect match for us as they are professional, accessible and flexible enough to take away the day to day management headache of a growing retail portfolio.”
RPS managing director Charles Murray said: “We are looking forward to actively managing this portfolio to ensure that 10 Motives as the tenant maintains the best outlets within its chosen locations. Historically the management of property portfolios is carried out on behalf of landlords but our involvement and approach to clients individual needs will allow 10 Motives to focus all their energies on what they do best, being the number one retailer of electronic cigarettes.”
