Preparations being made to float e-cigarette business
High-profile businessman Sandy Chadha is preparing to float his battery and e-cigarette business on the stock market – according to reports.
Mr Chadha runs the Manchester based Supreme Imports – which imports batteries and vaping products.
The business has tapped into the growing demand in recent years for tobacco substitutes.
According to reports in the media the business will be valued at £150m and will be floated on the AIM market within a matter of weeks.
Stock brokers Berenberg has been appointed to work on the flotation.
Mr Chadha is looking to raise about £10m to cut down its debts and fund the expansion of a manufacturing plant that makes liquids for use in e-cigarettes and vaping products.
He hit the headlines last year after he lost a bet and handed over the keys to his £130,000 Bentley.
Corporate turnaround specialist Iain Johnston claimed a decade ago that the struggling Supreme Imports would make a profit of £1m a year once it had recovered.
When the prediction came true Mr Chadha tracked down the financier and handed over the keys to his personal Bentley.
Supreme Imports was originally set up to import novelty goods in the UK from Asia and it is now one of the biggest sellers of batteries in the UK.