Lancashire-based vape specialist Totally Wicked has been acquired by Chinese investors in a deal that will support its expansion across the UK and German markets.
The new owner, Wittyace UK Holding – controlled by Chinese national Ying Wang and registered in Cambridge – is a subsidiary of Hong Kong-based Wittyace HK Holding Limited. Recent filings with Companies House show that Wittyace now holds at least 75 per cent of shares in Totally Wicked.
The retailer confirmed the deal in a statement, describing it as a “significant” investment that positions the business for further growth. CEO Marcus Saxton will continue to lead the company, and the wider management team will remain in place.
“This new investment is a testament to the confidence in Totally Wicked’s robust business model and the potential for further success in the vaping industry,” the company said. “We look forward to leveraging this opportunity to accelerate our growth and deliver even greater value to our customers, partners and stakeholders.”
However, several changes have taken place at board level, with Fraser Cropper, brother of founder Jason Cropper, among those stepping down as director. Others to exit include Stuart Mercer, Liam Humberstone, Ben Williamson, and Julian Urry.
The change in ownership follows a period of rapid financial growth. In the year to 31 March 2024, the company posted a record pre-tax profit of £8.1 million, more than double the £3.3 million recorded the previous year. Turnover also soared from £90.4 million to £118.1 million over the same period. For comparison, sales stood at £54.4 million in 2022.
The news comes as the sale of single-use disposable vapes has been banned in the UK from the start of this month.
