Almost £20m wiped off value of disposable vapes seller as Government considers ban to protect children
13.09.2023 - 11:03
/ manchestereveningnews.co.uk
Almost £20m has been wiped off the value of a Manchester company that is one of the largest distributors of disposable vapes as the Government considers a ban to help protect children.
The price of shares in Supreme plc were slashed yesterday (September 12) after reports emerged of a possible ban in a move that cut its value from £127m to £110m.
The consumer group, which also sells vitamins, is a major distributor of disposable vapes to the likes of Tesco, Morrisons, One Stop and WHSmith.
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It also manufactures and imports batteries, lighting, wellness and sports nutrition products while it also sells its wares in the likes of B&M, Poundland, Home Bargains and The Range.
Following the sharp fall in its share price, Supreme issued a statement to the London Stock Exchange defending its business.
The company said: "Supreme welcomes any government initiative that seeks to tackle underage vaping.
"Supreme's overarching strategy has always been to support a tobacco-free UK by offering both credible and safer alternatives for nicotine consumption and to-date, Supreme's own brand, 88Vape, with approximately 1.3 million regular users, has played a significant role in assisting people in quitting smoking.
"The UK Government, in its April 2023 'Achieving Smoke-free 2030' initiative, confirmed its view that vaping remains 'the most effective' tool to ease smokers away from cigarettes.
"Notwithstanding potential legislative restrictions on disposable vape devices, Supreme remains confident that vaping is and will continue to be the most credible and effective alternative to cigarettes; in addition to disposables, consumers have access to