IVG expects fivefold growth in revenue to touch £100 million this year
July 22, 2022
Vaping and e-liquid manufacturer IVG, or I Vape Great, said it expects to break through the £100 million barrier for the first time, as it is all set to open new £7 million facility.
The Preston-based company, which has been growing at an impressive rate since launching in 2016, recorded a revenue of £20 million in 2020-2021 and is all set to see a fivefold increase in revenue this year.
The company also looks to strengthen its position as one of the leading vaping companies in the world with the opening of a new, state of the art 80,000 square feet facility in Preston later this year.
The over £7 million investment, which will create 300 new jobs, is expected to 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.
“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,” Asim Gulzar, head of marketing for IVG, said.
“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 development comes in the wake of recent achievements by the company, including opening key new listings such as Asda, Morrisons and Euro Garages and launching the IVG bar, released last year, in over 50 countries. The company has also invested millions into the US market where their recent PMTA (Premarket Tobacco Product Applications) submission has been accepted, allowing the sale of IVG in the US.
