A vaping company says it is expected to record revenues of £100 million for the first time.
Preston based IVG previously recorded revenues of £20 million during the period 2020-2021, which was the seventh consecutive year of significant growth for the firm.
IVG says it 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 will be complete later this year.
It is expected the new expansion will enable the company to meet customer demand in over 100 countries.
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 news comes in the wake of recent announcements by the company that the brand is being sold in ASDA, Morrisons and Euro Garages sites.
The company is also investing millions into the American market.
IVG, or I VAPE GREAT was founded in 2016.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here