VPZ

VPZ operates a chain of e-cigarette stores in the U.K. and sells its own branded devices and manufactures e-liquid through a related company. VPZ has close financial links with Philip Morris International via its U.K. subsidiary Philip Morris Ltd (PML). VPZ received a £15 million loan from PML in 2018 to “to accelerate [its] store opening programme,” and a second £9.6 million loan in 2020.