Preston vape firm targets £100m revenue this year

IVG bosses the firm had been growing at an impressive rate since launching in 2016, with 2021-2022 revenue expected to break the £100m barrier for the first time.

Previously recording revenue of £20m (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 (I Vape Great) has invested significantly in infrastructure, including the building of its new, state of the art 80,000 sq ft facility in Preston, set to cost more than £7m by the time it is completed later this year.

Bosses said this move, which has drawn some criticism from neighbouring homeowners due to its size, colour and the removal of mature oak trees, will pave the way for IVG to enhance its production capacities, further enabling it 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 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 more than 50 Countries across the globe.

The company has Invested millions into the American market where its recent PMTA application has been accepted which allows the sale of IVG in the USA.