2FIRSTS | UK vape firm Plxsur sold for £76,500 after touting $1 billion revenue target
2Firsts
UK vape firm Plxsur was sold for £76,500 after failing to secure investment despite ambitious revenue projections of $1 billion.Summary
London-based vaping company Plxsur, which aimed for a $1 billion annual revenue and 10% of the global vaping market, was sold out of administration for £76,500. Administrators clarified that the ambitious targets were dependent on acquisitions that never materialized, leading to the company's insolvency. Plxsur pursued a “roll-up and sell to Big Tobacco” strategy, signing 12 acquisition agreements but completing none. Despite attempts to find a buyer through Goldman Sachs and secure financing via Stifel, the company ran out of cash by late 2025 and entered insolvency, ultimately being purchased by a shareholder, James Cox.
(Source：2Firsts)
