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Chill Brands suspends CEO over 'use of inside information'

 (PA Wire)
(PA Wire)

VAPING and CBD product maker Chill Brands today suspended its chief executive Callum Sommerton over allegations about “the use of inside information”.

It has hired Fieldfisher LLP, the legal firm, to conduct an investigation but did not elaborate much beyond a short statement.

Chill Brands said of its CEO: “This suspension does not constitute disciplinary action or a disciplinary penalty and does not imply any assumption that Mr Sommerton is guilty of any misconduct or that any decision has been made.”

The findings of the investigation will be “reported in due course”. It assured customers and shareholders that the company will operate as normal in the meantime.

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Chill Brands shares tumbled 14% to 2.7p, which leaves the equity in the business valued at £12.4 million.

The company says it will appoint an interim CEO while the investigation is ongoing.

Its website says Chill Brands is “a fast-moving consumer packaged goods (FMCG) company focused on the development of quality, compliant vapour products. Its product distribution network comprises some of the largest names in UK and US retail”.

Sommerton is described on the website as a “former legal professional with brand protection and regulatory experience”.

The government has concerns about the rise of vaping and the number of people using e-cigarettes.