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Wednesday, July 24, 2024

PRESTON BASED VAPING COMPANY ON TRACK TO ACHIEVE £100M REVENUE IN 2022

IVG has been growing at an impressive rate since launching in 2016, helping millions of smokers quit along the way. 2021-2022 revenue is expected to break through the £100 million barrier for the first time.

This this major growth milestone is set to be achieved thanks to IVG’s mission to provide a safer alternative to smoking for their loyal customers.

Previously recording revenue of £20 million (2020-2021), this is the seventh consecutive year of significant growth for the firm, which has strengthened its position as one of the leading vaping companies in the world.

To further enhance capacities and market share, IVG has invested significantly in infrastructure, including the building of their brand new, state of the art 80,000 square feet facility in Preston, costing over £7 million by the time it’s complete later this year.

This momentous move will pave the way for IVG to enhance their production capacities, further enabling them to meet customer demand in over 100 countries, and in some of the biggest supermarket brands in the UK.

Asim Gulzar, Head of Marketing for IVG, said: “Our new facilities will further strengthen production capabilities and service values; it’s an exciting chapter for the sector and for IVG as a market leader.

“We’re proud of Preston, it’s our home, so the opportunity to invest and expand here, and create 300 new jobs over the next year, is a huge plus for us and the city.

“It is clear, given our growth trajectory, that disposable vaping products play an instrumental role in helping adults looking to quit smoking – and we’re proud to be a key part of supporting them on that journey.”

The financial success news comes in the wake of recent achievements by the company, including opening key new listings such as ASDA, Morrisons and Euro Garages, launching the IVG bar in over 50 Countries across the globe, and have. Invested millions into the American market where their recent PMTA application has been accepted which allows the sale of IVG in America.

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