They claimed to be the UK’s largest supplier
A giant in the British vaping industry which claims to be the country’s ‘largest supplier’ has collapsed into administration.
The company fell into administration last week after becoming insolvent with all staff made redundant.
JM Wholesale is based in Leicester and claimed to be the UK’s largest vape and smoking supplier, selling “trusted brands like Elf Bar, SKE Crystal, Lost Mary, ELUX, OXVA, Vaporesso, Voopoo, and Aspire”, as per its website.
The company blamed its financial difficulties on additional government regulations which saw tighter restrictions on vapes, notably, the single-use vape ban introduced last year.
Established in 2017, the company has now puffed itself out, appointing administrators from business advisory firm Quantuma.
One of the administrators, Chris Lewis, said: “It is regrettable that JM Wholesale has gone into administration and been forced to cease trading.
“As joint administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected, whilst the administration protects the company’s assets whilst we seek to obtain maximum value for the benefit of the company’s creditors.”
The company is the latest in a number of business to fall into administration under trying financial times for many.
Earlier this week an iconic British brand issued a plea to save the company from administration.
The business, which is 217 years old, citing soaring costs combined with low consumer confidence, filed a notice of intent to appoint administrators earlier in March.
Denby pottery launched their #savedenby campaign to help save the business which employs around 500 people.
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