Farewell to FastTech
Posting “FastTech’s story ends here” on its forum, the Chinese wholesaler has announced that changes to Chinese legislation means the end of the road for the business
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by Dave Cross
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FastTech employee Anniepan says: “Dear valued customers,
“It is with a heavy heart that FastTech has decided to close down our business.
“This decision has been taken predominantly because of the new legislation on the vape industry. The new measures and restrictions make the road ahead much more uncertain, which also leads us no longer able to remain competitive on price and delivery. We did our best to avoid getting to this point. However, under the current industry regulation, we have been left with no choice but forced to close down.
“We want to take this opportunity to thank each of you for being our loyal customers for the past ten years. It has been a pleasure serving you all. We couldn’t have lasted as long as we did without you. It is your patronage and support that made FastTech a great ten years.
“May you have a wonderful life with happiness all the way. FastTech Team.”
The company initially supplied a vast range of vaping products at a very cheap price. While the quality could be hit and miss, the cost to import from China was exceptionally cheap.
Over the years, FastTech focussed on supplying more brand name devices and demand slackened due to a narrowing of the cost when compared to buying in the United Kingdom. Also, ongoing struggles with shipping meant that customers would have to wait weeks for their purchases.
Some will not be sad to hear the news that FastTech is closing as they hold it responsible for the proliferation of cloned mods and atomisers that killed off the majority of independent British vape manufacturing industry.
With hundreds of mechanical mods for sale at one point, just twelve exist on the site now and all of them are marked as “sold out”.
As well as changing buying habits, China imposed a 36% consumption tax on businesses, which is believed to have hit FastTech hard.
Regardless of how you feel about its closure, FastTech going out of business marks a significant step in how the vape market has changed and the dominance of big brands with their distribution chains. In many ways, this signals the end of the beginning of the story about vaping and tobacco harm reduction.
Dave Cross
Journalist at POTVDave is a freelance writer; with articles on music, motorbikes, football, pop-science, vaping and tobacco harm reduction in Sounds, Melody Maker, UBG, AWoL, Bike, When Saturday Comes, Vape News Magazine, and syndicated across the Johnston Press group. He was published in an anthology of “Greatest Football Writing”, but still believes this was a mistake. Dave contributes sketches to comedy shows and used to co-host a radio sketch show. He’s worked with numerous start-ups to develop content for their websites.
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